Ppr

[$ & c]

Gday

Can someone enlighten me on the correct path I should take. I purchased a unit initially as a PPoR and paid stamp duty accordingly. However due to personal circumstances I will not utilise this property as my PPoR at all but rather have kept the tennant there and turned it into an IP.
The best path for me would be ????????

Cheers in advance

 

[MattR]

Beer. Its a great drink and very relaxing.

Seriously, no idea - more info needed.

 

[jrc]

I would suggest you or your solicitor contact the office of state revenue and arrange to pay the additional duty

 

[Mry]

You are going to have to pay the shortfall in stamp duty if you don't meet the concession. You have to live in it for a year when you start occupying it.

Find info on that here.

If, before or within one year of the occupation date, you dispose of the land by:
• transferring part or all of it; or
• leasing or otherwise granting exclusive possession of part or all of it to another
person, you must notify the Office of State Revenue (OSR) within 28 days, or
penalties may apply. Do this by completing a Form 2.4 Reassessment - Home
Transfer Concession and lodging it with the original stamped document on which
duty was paid.

Speak to your lawyer to make it easier.