stamp duty trap for newbies

Discussion in 'Accounting & Tax' started by Fernfurn, 28th Jun, 2015.

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  1. Fernfurn

    Fernfurn Well-Known Member

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    I have just purchased a house on a block, with an extra block next to it. Both on separate titles. It was advertised as one item so therefore I have paid stamp duty on the lot. If I had of realised, I could have told the conveyancer to make two separate sales, one for house and land, and one for the other block . This would have lowered my stamp duty by approx. $4,000!!!
     
    Fernfurn, 28th Jun, 2015
    #1
  2. Terry_w

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

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    This is called aggregation of stamp duty. Even if you have 2 separate contracts that were apart by 12 months you would have been caught. You could even be caught if you were a purchaser of one and the spouse was a purchaser of the other (in NSW anyway).
     
    Terry_w, 28th Jun, 2015
    #2
  3. thatbum

    thatbum Well-Known Member

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    Good news! You didn't fall into any trap after all!
     
    thatbum, 29th Jun, 2015
    #3
  4. Fernfurn

    Fernfurn Well-Known Member

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    Location:
    by a Bellarine beach
     
    Fernfurn, 1st Jul, 2015
    #4