Stamp Duty Question

Just wondering if anyone had any clarity in regards to this situation:

We are looking at buying a house as first home buyers and are unclear if it will serve as an investment or residence yet, as it will be determined by work.

Either way we are looking at spending the first 3-6 months pretty heavily renovating the property and will either move in (if work permits) or rent out (if the work move can't happen as soon as possible).

Obviously we'd like to avoid stamp duty if possible, but not sure where we fall in this situation.

Any thoughts appreciated.

 

I'd purchase on the assumption that it will be your home, but keep the stamp duty in an offset account.

If you're not able to move into the property, contact the State Revenue Office, inform them of the circumstances and pay the stamp duty. If you're upfront about it you'll still be eligible for the FHB benefits later.

If you can't move in and try to hide it, there's a high chance of getting caught. You'd then have to pay the stamp duty, a fine, and probably wouldn't get the benefits in the future.

 

A first home buyer generally must occupy the property for a required period of time to receive any concessions or exemptions. Some states will impose the duty then refund it when the occupancy test is met. You cant choose the exemptions - They are based on actual occupancy as your principal place of residence. Its otherwise not a choice.

The CGT main residence would be unavailable in the manner you describe it.