Confused - QLD Transfer Duty

[dave80]

Hello,

My fiance and I purchased a home in Queensland in 2005 with another family member and we are now in the processing of buying their 1/3 share.

The property was our first home which we resided in until 2011 when we relocated to Melbourne, the property is currently tenanted.

The property is still my fiance and I's "first home" - are we still eligible for any Transfer Duty concessions? The other family member conveyancer is seeking $3000 in Duty on behalf of the Office of State Revenue.

Hoping someone may be able to clarify as the OSR website isn't exactly clear as day.

Appreciate any hope.

Cheers,
Dave

 

[Terry_w]

I doubt it. You already have an interest in property so a subsequent purchase would be unlikely to qualify - even if it is part of the same house. Now it is an investment so I think QLD will charge you even more stamp duty for this.

 

[Terry_w]

And, did you get legal advice and taxation advice on the transfer?

Paying market value
Deductibility of loans etc.

 

[RPI]

your conveyancing solicitor should work that out for you

 

[dave80]

no, no advice other than what the vendor (mother in law) conveyancer has advised regarding what we need to pay. im just using the bank for the settlement and whatnot, no conveyancer etc.

the house was independently valued by herron todd white and also 3 local agents.

 

[RPI]

no, no advice other than what the vendor (mother in law) conveyancer has advised regarding what we need to pay. im just using the bank for the settlement and whatnot, no conveyancer

You should see a solicitor.
Things go wrong even in simple ones.
We had one today that luckily our conveyancing clerk who attended settlement was a law grad and an outstanding one at that. The otherside was wrong and she stood her ground against a very experienced solicitor.