Hi everyone, it's been a long time since I had been here what with life and having fun but here is something that's happened.
Thoughts from anyone or a warning to others. At no time was this even remotely known could happen so there was never any cheating of the system. In fact had we known this it could have quite easily been avoided via different dates etc etc
The state is Queensland.
Last year my wife and I purchased two new homes and I shall outline a few of the points here.
1. The homes were on separate titles but side by side.
2. The buyers (my wife and I) were the same on both.
3. The sellers were the same (a prominent solicitor, accountant and property developer) on both.
4. Two separate contracts were formed and executed.
5. Neither contract was not conditional upon settlement of the other being effected.
6. Both contracts were conditional upon independent finance approval, ie one may have been approved and not the other, buyer (us) would have had to proceed on one and not the other had this been the case.
7. One cheque was draw for the deposit but was allocated and held by the deposit holder (solicitor) in separate ledgers.
8. Two separate files were opened and separate searches carried out. The buyer was advised on each purchase independently of the other file and no step was taken on any particular file until instructions were given on that particular file. The sellers solicitor also opened two separate files.
9. Two separate loans were obtained by the buyer and two separate loan reporting is in place.
The Office of State Revenue has now decided that these form one arrangement and have combined the two separate purchases into one thus raising the purchase price and hence the stamp duty accordingly by $x,xxx
At no time were we even remotely made aware that this could be done and given I am a long standing real estate principal this is the first time I have heard of such a thing. They say Section 30 has been applied.
Thoughts from anyone or a warning to others. At no time was this even remotely known could happen so there was never any cheating of the system. In fact had we known this it could have quite easily been avoided via different dates etc etc
The state is Queensland.
Last year my wife and I purchased two new homes and I shall outline a few of the points here.
1. The homes were on separate titles but side by side.
2. The buyers (my wife and I) were the same on both.
3. The sellers were the same (a prominent solicitor, accountant and property developer) on both.
4. Two separate contracts were formed and executed.
5. Neither contract was not conditional upon settlement of the other being effected.
6. Both contracts were conditional upon independent finance approval, ie one may have been approved and not the other, buyer (us) would have had to proceed on one and not the other had this been the case.
7. One cheque was draw for the deposit but was allocated and held by the deposit holder (solicitor) in separate ledgers.
8. Two separate files were opened and separate searches carried out. The buyer was advised on each purchase independently of the other file and no step was taken on any particular file until instructions were given on that particular file. The sellers solicitor also opened two separate files.
9. Two separate loans were obtained by the buyer and two separate loan reporting is in place.
The Office of State Revenue has now decided that these form one arrangement and have combined the two separate purchases into one thus raising the purchase price and hence the stamp duty accordingly by $x,xxx
At no time were we even remotely made aware that this could be done and given I am a long standing real estate principal this is the first time I have heard of such a thing. They say Section 30 has been applied.
