Stamp Duty on OTP

[JIT]

Hi there,

I'm looking to buy a townhouse that's due for completion in about 2 months time.

Is there any stamp duty reduction/exemption available in this instance, or is it too late as it is almost built?

Thanks.

 

[chran]

JIT, I think it's too late (was in similar situation 3 years ago) - VIC - not sure about other states.

 

[ashalim]

Hi all,

Is it true I still need to pay the stamp duty 3 months after I sign the contract and paid my 10% even if the property will not be completed until at least 6-9 months later?

 

[Terryw]

Hi all,

Is it true I still need to pay the stamp duty 3 months after I sign the contract and paid my 10% even if the property will not be completed until at least 6-9 months later?

In NSW this is the case.

 

[ashalim]

Sorry Terry,

I should clarify, I am buying an IP in Melbourne

My hope is my Melbourne solicitor will give me a heads up if I do need to pay it within 3 months.

 

[tobe]

In victoria the Stamp duty is calculated on the property price/value as far as its completed when the contract is entered into.
So before earth is turned, its calculated just on the land value.
If the house/unit is half completed, its calculated on the land value, plus the value of the works completed so far etc.

I wonder what the story is for nominated contracts? The contract of sale date is the same, the nominee form would have a later date...

 

[Terryw]

In victoria the Stamp duty is calculated on the property price/value as far as its completed when the contract is entered into.
So before earth is turned, its calculated just on the land value.
If the house/unit is half completed, its calculated on the land value, plus the value of the works completed so far etc.

I wonder what the story is for nominated contracts? The contract of sale date is the same, the nominee form would have a later date...

Stamp duty would probably be paid twice. Once on the original contract and once when the nominee is nominated - unless there was a written agreement before the contract was entered into and then the nominee would just pay the stamp duty.