Stamp duty query

Here's my situation:

I live in NSW and am considering buying block of land with an old fibro house on it from my mum and demolishing and building there to live for the next decade or so. I have three main queries:

1) What are the rules around stamp duty when selling to a relative? Any exemptions at all?

2) Can the transfer of title/purchase be done below market value without attracting the attention of the OSR? Ie. market value approx $430k but would buy for approx $300k.

3) Is stamp duty payable once construction has been finished on the building as well as the land component?

Any help greatly appreciated.
 
1) What are the rules around stamp duty when selling to a relative? Any exemptions at all?
No - possibly a spouse but that won't include your mother.

2) Can the transfer of title/purchase be done below market value without attracting the attention of the OSR? Ie. market value approx $430k but would buy for approx $300k.
No, it must be market value.

3) Is stamp duty payable once construction has been finished on the building as well as the land component?
SD is payable before settlement of the land purchase or 90 days (I think?? - something close to this anyway) whichever is sooner.
 
Here's my situation:

I live in NSW and am considering buying block of land with an old fibro house on it from my mum and demolishing and building there to live for the next decade or so. I have three main queries:

1) What are the rules around stamp duty when selling to a relative? Any exemptions at all?

2) Can the transfer of title/purchase be done below market value without attracting the attention of the OSR? Ie. market value approx $430k but would buy for approx $300k.

3) Is stamp duty payable once construction has been finished on the building as well as the land component?

Any help greatly appreciated.

1. no exemptions
2. Transfer can be done for any value, but duty must be paid on consideration or value, whatever is higher, s21 Duties Act. You should get a valuation to cover yourself and tell the valuer what you want it for - so he will be conservative.
3. Stamp duty is payable on the value at transfer. So it may work out cheaper to knock the house down first, then transfer it to yourself.
 
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