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.
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.