Stamp Duty for couple (one first home owner, one not)

Discussion in 'Accounting & Tax' started by Greg Linforth, 20th Oct, 2017.

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  1. Greg Linforth

    Greg Linforth New Member

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    Hi all

    We are in Victoria and are intending to buy a primary residence below $750,000.
    I have owned property before (up until 2013) whereas my spouse has not.

    Is there any opportunity to receive the stamp duty reduction if my spouse, as a first home owner, is the only person listed on the contract of sale and title? I am assuming authorities have this possibility covered.

    We are currently a single income family with my spouse at home with the kids, so perhaps this would be a problem for financial institutions to see the sole listed person on the title as having no income.

    Cheers
    Greg
     
  2. Stoffo

    Stoffo Well-Known Member

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    Doubt it, sorry.

    Gov states that any person living in a relationship (married/defacto) with a person for more than a set period becomes unable to recieve the grant as they have benefited already....
    Or along those lines anyway
     
  3. Corey Batt

    Corey Batt Well-Known Member

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    No can do - if you check out the requirements as Stoffo notes anyone with a spouse who has received the grant/owned a property already cannot access the benefits.
     
  4. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

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    Yes, provided you did not live in the property you previously owned (or only for a brief period).
     
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  5. Joynz

    Joynz Well-Known Member

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    The OP says you have owned property but doesn’t state whether you received the first home owners grant or not.
     
  6. tobe

    tobe Well-Known Member

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    Regardless of receiving fhog or not, if you or your partner have previously owned a ppor you aren't eligible for the stamp duty concession.

    Note the stamp duty concession is diferent to the first home buyers grant.

    One is a waiver of taxes the other is a cash grant only for fhb who are the first occupant of a new property.
     
    Joynz likes this.
  7. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Consider title in your partners name only. Joint loan? Maybe tax issues for both of you regarding a cgt exemption but it may still b 100% cgt exempt.