Stamp Duty on Land to become PPOR (VIC)

Discussion in 'Accounting & Tax' started by albanga, 30th Jul, 2015.

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  1. albanga

    albanga Well-Known Member

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    Is there anyway to pay the PPOR stamp duty on a vacant block of land that you will be constructing on in Victoria?
    On 550k spend it is around 4k difference (appreciate far less than if you purchased that land with a house on it already).
    Still interested to know if there are any loopholes?
     
    albanga, 30th Jul, 2015
    #1
  2. Paul@PAS

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

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    Paul@PAS, 30th Jul, 2015
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  3. albanga

    albanga Well-Known Member

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    Thanks Paul
    I was more meaning the difference between entering the value as PPOR or not.
    So for example on a 550k purchase according to the SRO website:
    PPOR - $24,970
    NON PPOR - $28,070

    Now I get it cannot be your PPOR because you cannot live on land (or can you? Pitch a tent perhaps :))but if your goal is to construct your PPOR I would have thought there would be an allowance for this.
     
    albanga, 30th Jul, 2015
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Terry_w, 30th Jul, 2015
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  5. albanga

    albanga Well-Known Member

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    albanga, 30th Jul, 2015
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