Stamp duty on Land in NSW
- Thread starter aniket25
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Refer to the OSR website
also NSW Home Builders Bonus
You may have missed the boat as it expired on 1/7/12 and exceeds the $400k cap for the land only ($600k for House & Land).
also NSW Home Builders Bonus
You may have missed the boat as it expired on 1/7/12 and exceeds the $400k cap for the land only ($600k for House & Land).
Land is dutiable property so stamp duty will apply.
You may qualify for an exemption or a grant such as the NSW New Home Grant which is $5,000. see http://www.osr.nsw.gov.au/benefits/grant_scheme/
Thanks Scott and Terry.
The eligibility for land value is up to 450k so if I buy a land value above 450k then i am not eligible for 5K. is it right?
Thanks,
Nik
Also take a look at the MGS "NSW Land Tax Unit Trust":
https://www.investorone.com.au/down..._HTG_Land_Tax_Unit_Trust_Negative_Gearing.pdf
https://www.investorone.com.au/content/propertyinvestment.aspx
https://www.investorone.com.au/content/trusts.aspx
this is trust comes with a letter from MGS stating that it has a ruling from the OSR and will be treated as a "Fixed Unit Trust", and receives the tax free threshold.
http://www.osr.nsw.gov.au/lib/doc/factsheets/ofs_lt08.pdf
If you buy from them directly, they charge ~$1500 plus you have to do the OSR registration (another $500) yourself. Their after sales support is terrible (i have a number of calls outstanding, unreturned), but the deed and info pack is pretty good. So you can muddle through it with a bit of reading.
There are a number of accountants on the forum who can get access to the deeds at a loss less $'s, but you may need to deal with them to handle the returns (which is probably not a bad idea, given that you need to keep on top of this stuff so you don't end up with silver bracelets and 20% interest on taxes missed). I personally wouldn't deal with them directly again, rather would go through one of the accountants here.
If you do need trust / tax advice tho, Chris is a rocket surgeon... His consult fees are worth it if you need to sort through any issues.
https://www.investorone.com.au/down..._HTG_Land_Tax_Unit_Trust_Negative_Gearing.pdf
https://www.investorone.com.au/content/propertyinvestment.aspx
https://www.investorone.com.au/content/trusts.aspx
this is trust comes with a letter from MGS stating that it has a ruling from the OSR and will be treated as a "Fixed Unit Trust", and receives the tax free threshold.
http://www.osr.nsw.gov.au/lib/doc/factsheets/ofs_lt08.pdf
If you buy from them directly, they charge ~$1500 plus you have to do the OSR registration (another $500) yourself. Their after sales support is terrible (i have a number of calls outstanding, unreturned), but the deed and info pack is pretty good. So you can muddle through it with a bit of reading.
There are a number of accountants on the forum who can get access to the deeds at a loss less $'s, but you may need to deal with them to handle the returns (which is probably not a bad idea, given that you need to keep on top of this stuff so you don't end up with silver bracelets and 20% interest on taxes missed). I personally wouldn't deal with them directly again, rather would go through one of the accountants here.
If you do need trust / tax advice tho, Chris is a rocket surgeon... His consult fees are worth it if you need to sort through any issues.
Hey Aniket, if the OSR website is too vague or too general for your circumstances, you could also just email the NSW government OSR directly. I've emailed them before about some particularly difficult questions about stamp duty for my own properties. They're quite helpful and prompt in responding.
