Have I paid too much Stamp duty

C

clifmand

I hope someone can confirm my fears.

We sold our PPR in Jan 07 and purchased a block of Land for $325,000 this was completed at the same time as the sell, we are currently renting our old PPR back whilst we build on the block. We were charged $9,850 stamp duty for the block, this block with the build will be our PPR. I have been doing some checking as we are purchasing another block for investment property and it appears that the stamp duty was charged at the investment rate instead of the PPR rate, my figures show we should have paid $3,375 not the $9,850. This block was purchased outright without any loan over it.

Our new block is $231,00 with a stamp duty shown as $6,607.50 which does appear correct for an investment property.

Does anyone agree with my above concerns or am I totally wrong, I just wish to confirm before I speak with the Solicitor on Monday.
I am thinking this may be a nice little Xmas pressie.:)
 
clifmand said:
I hope someone can confirm my fears.

We sold our PPR in Jan 07 and purchased a block of Land for $325,000 this was completed at the same time as the sell, we are currently renting our old PPR back whilst we build on the block. We were charged $9,850 stamp duty for the block, this block with the build will be our PPR. I have been doing some checking as we are purchasing another block for investment property and it appears that the stamp duty was charged at the investment rate instead of the PPR rate, my figures show we should have paid $3,375 not the $9,850. This block was purchased outright without any loan over it.

Our new block is $231,00 with a stamp duty shown as $6,607.50 which does appear correct for an investment property.

Does anyone agree with my above concerns or am I totally wrong, I just wish to confirm before I speak with the Solicitor on Monday.
I am thinking this may be a nice little Xmas pressie.:)
Click to expand...


Sorry should have said this is all in QLD.
 
Pushka said:
I think you should be able to check how much stamp duty is payable using the Internet -
the OSR site isnt working but this link:
http://www.noosarealtyservice.com/queensland_stamp_duty_calculator.html#

says you should pay $3375 for a home
and $9850 for an Investment property.

Maybe, because you were renting back your own home it was put as an investment property ? Certainly worth fighting for.
Click to expand...

Cheers for that, yes I have been playing around with the calculators but I just wondered if there was somthing else I was missing. I am currently using the same solicitor for an investment block and it was only when looking at both settlement statements and playing around with calculators that I noticed. Well I shall be contacting them first thing on Monday. Would I be pushing it to ask for the interest as well.:rolleyes:
 
clifmand said:
Would I be pushing it to ask for the interest as well.:rolleyes:
Click to expand...

:p love your stuff! It might have to come from the lawyer though - he was the one who may have incorrectly labelled the transaction as an Investment property.
Will be interesting to see what they have to say! And if they dont like admitting to possible errors, you may have some persuading to do. If the lawyer wont help, I would also call your OCSA and run the scenario past them (should be able to do it anonymously) and see what they say!

The only thing I can think of is that they dont consider a block of land as a PPOR?

Good luck and let us know how you go!
 
When buying land in Qld there is no discount on stamp duty for land bought for PPOR so you pay the same regardless of whether it is for PPOR or IP
 
Hi there
I beg to differ with the last comment - since 1st January 2007 there has been a new category added to allow the purpose land is purchased for to be taken into consideration for the stamp duty calculation.
Also there is a substantial first home concession when paying stamp duty - for both existing homes and land
thanks
 
Raddles said:
Hi there
I beg to differ with the last comment - since 1st January 2007 there has been a new category added to allow the purpose land is purchased for to be taken into consideration for the stamp duty calculation.
Also there is a substantial first home concession when paying stamp duty - for both existing homes and land
thanks
Click to expand...

Could you tell me more or where would I find out more.
 
Raddles said:
Hi there
I beg to differ with the last comment - since 1st January 2007 there has been a new category added to allow the purpose land is purchased for to be taken into consideration for the stamp duty calculation.
Also there is a substantial first home concession when paying stamp duty - for both existing homes and land
thanks
Click to expand...

It would appear that the new category and concessions that you mention are in fact only for 1st time buyers, it would seem from what I am reading (if that’s correct) that the stamp on land is the same with no concession re PPR unless 1st time buyer. I thought it sounded too good, well back to the cheese sandwich for Xmas lunch:(:)
 
Except the calculator I used didnt discriminate for first time buyers - just asked whether it was for a residence or IP!

And even using the OSR calculator, and not claiming any concessions or first home buyer status it still calculates the lower amount.

It is a really confusing calculator though -
 
Hi there
Clifmand - as Pushka has pointed out if you are not buying land with a view to building an investment property - you can have the benefit of the stamp duty at the owner occupier rate.
The new category does apply to first home buyers - but I just wanted to point out the purpose of your purchase does make a difference.
thanks
 
You must log in or register to reply here.

Similar threads

C
Return of stamp duty
Replies
2
Views
799
D.T.
D.T.
J
Avoiding Stamp Duty on transfer
Replies
4
Views
3K
jackbak
J
W
I'm getting lost!
Replies
13
Views
3K
psylink
P
O
Partner and I splitting have shared house.
2 3
Replies
54
Views
7K
fernfurn
F
T
Questions about investment loan
Replies
8
Views
2K
Terry_w
Terry_w
Back
Top