Stamp duties

[kotim]

I intend buying a property to live in, however, it will be in a different place to where I currently live. I have occupation supplied accomodation where I currently live. My intention is to move to the area I want to buy in, however ultimatley I have to get a transfer to such a place and there is no guarnatee of such a transfer etc.

I currently have no property.

Now I intend to purchase it as owner occupied, but naturally enough until I can get there I want to rent it out, so I only intend to pay owner occupied stamp duty etc on loan.

My problem is that In reality no matter how much I may want to move there, it is possible that I may never be able to because there may not be a position available. My first concern is the stamp duty ( I live in Qld and will buy in Qld)

Can I buy it as owner occupied and then rent it out without paying stamp duty for investment purposes, under the above conditions

I am asking because whilst I can ask accountants etc, I have a distinct experience that many accountants don't know many things and can give you incorrect advice etc. So I want to be forearmed when I have such discussions with my accountant etc.


thanks

 

[Hooray]

Why would you want to talk to your accountant anyway if you don't trust them?

Read your state's office of state revenue site instead.

 

[coastymike]

And receiving advice from a forum member who you have never met or have no knowledge of whether the advice they provide is accurate or not will be better ?

I'm an accountant so no point posting the answer as it could be perceived to be inaccurate. Ring the OSR they will answer the question for you.

 

[pickle pickle]

I don't know Queensland stamp duty rules, but I'm guessing to have stamp duty rates as owner occupier, you need to live there pretty much as soon as you buy it.

Can't you live in the property for say 3 months and then rent it out?

 

[jrc]

3 clicks and you have the information:

Home concession
You can claim a home concession if you:

buy a home and move into it within one year of the date of transfer
live in the home as your principal place of residence
do not sell, transfer, lease or otherwise grant exclusive possession of part or all of the home to another person(s) before moving in or within one year of the date you move in.
First home concession
If you have never owned a home before, you may be entitled to a ‘first home’ concession (which is greater than the home concession).

You can claim a first home concession if you:

buy a home and move into it within one year of the date of transfer
live in the home as your principal place of residence
do not sell, transfer, lease or otherwise grant exclusive possession of part or all of the home to another person(s) before moving in or within one year of the date you move in
have never held an interest in residential land anywhere in the world
are at least 18 years of age (we may waive this requirement in special circumstances).