Hi all,
My partner and I will be looking to purchase a property next year and doing some forward planning.
We will purchase a property initially as a PPOR which will later be turned into an IP after we purchase a 2nd property and move into it.
We both currently meet the FHO stamp duty concession and from what I read, if the title of the land is only under one person, the other person is able to receive the FHO stamp duty concession.
Is this correct?
Furthermore, if both of us are on the mortgage, this doesn't impact eligibility for the concession for the second home? The title of the second home will be solely in the other person's name.
With only one person on the title and after converting it to an IP, I am hoping for the benefit of easier tax processes as well as another bite at the concession.
I will get professional advice regarding implications of only one person on the title, but feel free to comment on that aspect if you feel inclined.
Thanks all
My partner and I will be looking to purchase a property next year and doing some forward planning.
We will purchase a property initially as a PPOR which will later be turned into an IP after we purchase a 2nd property and move into it.
We both currently meet the FHO stamp duty concession and from what I read, if the title of the land is only under one person, the other person is able to receive the FHO stamp duty concession.
Is this correct?
Furthermore, if both of us are on the mortgage, this doesn't impact eligibility for the concession for the second home? The title of the second home will be solely in the other person's name.
With only one person on the title and after converting it to an IP, I am hoping for the benefit of easier tax processes as well as another bite at the concession.
I will get professional advice regarding implications of only one person on the title, but feel free to comment on that aspect if you feel inclined.
Thanks all