Hi,
I am planning to buy land to build an IP. The land price is between 550k to 635k. I am not sure if i have to pay Stamp duty on it or not. Am i eligible for any exemption or benefits.
Hi,
I am planning to buy land to build an IP. The land price is between 550k to 635k. I am not sure if i have to pay Stamp duty on it or not. Am i eligible for any exemption or benefits.
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/
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/
Commencing 1 July 2012, a $5000 grant will be available to buyers of new homes, whether off the plan or newly built, with a value up to $650,000 and to buyers of vacant land that is intended to be the site of a new home valued up to $450,000.
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.