PPOR FHO stamp duty concession QLD

[lup15]

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

 

[peaches]

Expect some disappointment in life.

 

[wylie]

If you are living together you cannot both get the grant individually just by buying in one name and then get another grant by buying in the other person's name. If you get caught you will pay a big penalty.

 

[lup15]

there's always disappointments, its what you make of the situation that counts

thanks wylie, I was always inclined that would be the case.

the FAQ on the OSR website states the following which is why I'm a bit confused, particularly what 'interests' means.

Q:My partner and I are buying a property to live in as our home. It will be my first home, but my partner has owned residential land before. Can I claim the first home concession?

A:Yes. You can claim the first home concession on your interest (e.g. your 50% share of the home). Your partner can claim the home concession on their interest. You will both need to complete a Form D2.1?Claim for home or first home transfer duty concession.