Onselling Stamp Duty - Victoria

From: Tracy Lee


Hi,

I've have a few questions regarding stamp duty payable (Victoria) which I hope some of the more experienced forum members can help me with.

First, some background info:
I've recently onsold an off the plan apartment which will be settle next month.
The purchaser has inquired about the amount of stamp duty that he has to pay. At the time of his purchase, 28% of construction has already been completed.

I've spoken to my solicitor and he said that I would have to calculate that figure and supply that info to him (my solicitor) and the purchaser. I have spoken to the project developer but they have indicated that they cannot help me because it is an onsell.

So the question I've got is who should supply the stamp duty figure payable? me, my solicitor, the purchaser's solicitor or the developer?, and how is it calculated since 28% of the building has been constructed at the time the purchaser signed the sales contract.

Thank you in advance

Tracy
 
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Reply: 1
From: Michael Yardney


Tracey
Your solicitor is correct.
In Victoria the vendor (you in this case) must sign a form stating the value of the property at the time of sale for stamp duty purposes and you are liable for penalties if the figure is incorrect and stamp duty is avoided.
There is a difficult form to fill out by the vendor of a property sold off the plan, and you have to apportion the sale price into 3 different categories. You will need your solicitor's help with this section as the wording is difficult to understand and the process is far from intuitive
Michael Yardney
Metropole Properties
 
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Reply: 1.1
From: Tracy Lee


Hi Micheal,
Thanks for your reply. Can you clarify "the value of the property at the time of sale for stamp duty purposes"? Is this the price which we have onsold the property?

Secondly, the 3 part form you were refering to - is that the 'Land and Building Packages Statutory Declaration' form?

Regards
Tracy

On 12/15/01 9:30:00 PM, Michael Yardney wrote:
>Tracey
>Your solicitor is correct.
>In Victoria the vendor (you in
>this case) must sign a form
>stating the value of the
>property at the time of sale
>for stamp duty purposes and
>you are liable for penalties
>if the figure is incorrect and
>stamp duty is avoided.
>There is a difficult form to
>fill out by the vendor of a
>property sold off the plan,
>and you have to apportion the
>sale price into 3 different
>categories. You will need your
>solicitor's help with this
>section as the wording is
>difficult to understand and
>the process is far from
>intuitive
>Michael Yardney
>Metropole Properties
 
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