Stamp duty qld and family members

Hi, thanks for this site. I am confused about something and can't seem to "read between the lines" on the qld stamp duty info page. I've read some differing explanations so hopefully I can get the correct answer here- first time on here!

I bought a property in September while renting about 30 mins away. My lease goes until October, which would make it 11 months before move in. This is ok. In the meantime, and coincidentally, my parents want to come for an extended visit of six months. If they live in it, but are not using it exclusively, in the sense that I can come and go as I please into the unit, what does that mean for the stamp duty in terms of pp or ip? As I don't own elsewhere.

The next question is if I decide not to move into the property in October but extend the rental lease another year and at that point rent out the property for a year to someone for their exclusive use, what does that mean in terms of the stamp duty? Can I consider the property as my pp of residence for the first year and thus fulfil terms of homeowner stamp duty concession? Or am I skating on very thin ice

 

Just have a read of the law itself. DUTIES ACT 2001

 

Why not use anecdotal evidence, much more reliable

 

Ah that's great, I will read the law! Although yes, anecdotal accounts make for slightly more entertaining reading

Thanks for the responses.

 

Sounds like you could be doing a disposal - you would need to have your duty reassessed.

 

So if I do move in at October, I would need to stay a further year, or be reassessed. Is that right?

Looking at the law I can't seem to find the correct info.

 

Best suggestion is to only take advice from those legally qualified to offer it.

Your friend’s cousin’s husband’s best mate doesn’t qualify.
Marg

 

Haha so true- course why would we need forums like this then?

 

Because you have qualified lawyers replying?

 

Read this forum for a while and you will discover for yourself who is worth listening to.
Marg

 

Yes, that's a good idea. I was hoping for some proper advice but prob going to a lawyer is the best plan.

 

Unfortunately, results may occasionally vary when even calling the relevant government department. Usually the workers answering the calls are not legally trained and probably not reliable for anything that's a bit unusual or out-of-the-ordinary.

The WA OSR guy I spoke to for example seemed to have little idea when I called them back when I got my first property - it was a duplex pair and he wasn't sure whether I could live in one and rent out the other immediately. (Spoilers: I could)

 

YOU must occupy the property as YOUR principal place of residence and your home within twelve months of the date it was acquired (2 years if a home was built on vacant land). If your parents are also there there may be no issue. There is no test of what you use your own property for provided its your principle place of residence.

Holding another lease elsewhere at that same time is asking for trouble. Easily argued your principal place of residence and home is elsewhere. Penalties would apply.

The Public Ruling explains more
https://s3.treasury.qld.gov.au/files/da085-1.pdf

 

Thank you Paul, that is exactly what I was wondering... would a rental be considered ppor. I haven't seen anything on that, it's all discussion between two owned properties. I am also assuming that if I were to leave it vacant beyond the first 12 months and then move in from a leased rental, I would not qualify for home concession. It's just that one of my children's plans has changed, making living in the owned residence v difficult.
Thanks also for the link.