From: Jenny F
Hello, first a congrats to the Somers on a very valuable site, software and books - I have been using PIA to review various properties for sale and it is excellent for highlighting the good prospects from the bad. The recent updates have been especially helpful.
Also thanks to the contributors to this forum who share their experiences so willingly.
While using PIA it suddenly occurred to me that purchase of a furniture package as part of the property price means you pay stamp duty on couches and appliances. Which does not sound sensible. I notice that PIA allows you to enter a furniture package separately to the purchase price. Hence my question:
If you were considering an existing furnished property, is it usual to buy the furniture separately to avoid stamp duty being applied to these goods? Eg Asking Price $400,000 - 2 years old - furnished. Assume the furniture is worth about $20,000 in its current condition. Would it be appropriate (ie legal and correct) to state the property sale value as $380,000 and list the furniture separately somehow? Is the furniture actually then a separate contract?
This way stamp duty would be paid on the $380,000 rather than $400,000? Anyone who has any advice (or can point me to where I might find out) as to whether this feasible and importantly, not illegal, would be appreciated.
Regards
JMF
Hello, first a congrats to the Somers on a very valuable site, software and books - I have been using PIA to review various properties for sale and it is excellent for highlighting the good prospects from the bad. The recent updates have been especially helpful.
Also thanks to the contributors to this forum who share their experiences so willingly.
While using PIA it suddenly occurred to me that purchase of a furniture package as part of the property price means you pay stamp duty on couches and appliances. Which does not sound sensible. I notice that PIA allows you to enter a furniture package separately to the purchase price. Hence my question:
If you were considering an existing furnished property, is it usual to buy the furniture separately to avoid stamp duty being applied to these goods? Eg Asking Price $400,000 - 2 years old - furnished. Assume the furniture is worth about $20,000 in its current condition. Would it be appropriate (ie legal and correct) to state the property sale value as $380,000 and list the furniture separately somehow? Is the furniture actually then a separate contract?
This way stamp duty would be paid on the $380,000 rather than $400,000? Anyone who has any advice (or can point me to where I might find out) as to whether this feasible and importantly, not illegal, would be appreciated.
Regards
JMF
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