Stamp Duty

[JohnAJones]

In Vic the stamp duty is less if the property is principle place of residence. I will live there for about 6 months. On the loan app I have said the property is an investment, which it is in the long run as I intend to purchase another within 6 months.

Will I get grief down the track from state govt. or tax man?

Thanks

 

[Jaffasoft]

In Vic the stamp duty is less if the property is principle place of residence.

Are you talking about the concession in Vic on Stamp Duty. Isn't it a choice of either the concession or the 3k bonus so what ever is better would be the best choice?

 

[A Jackson]

"In Vic the stamp duty is less if the property is principle place of residence"

From 1 January 2007, it has become a little easier for many families to buy a home as the State Government has cut stamp duty.

Late December 2006 the State Government passed legislation to implement the changes for the start of 2007. The changes affect principal places of residences (PPR) that are purchased for under $500,000. The Government has also extended the first home buyers bonus (FHBB) and will provide an additional $2,000 for first home owners building their home. First home buyers are eligible for the FHBB or the concession stamp duty rate, but not both.

Buyers who are not eligible for the first FHBB but are purchasing a PPR will also benefit as the stamp duty rate for property valued between $115,000 and $400,000 has been cut from 6 per cent to 5 per cent. Between $400,000 and $500,000 the stamp duty payable is reduced by a flat $2,850.

First home buyers no longer face the prospect of the State Government subsidy reducing from $10,000 to $7,000 in June this year, as it has now been extended until June of 2009.

The State Government has also introduced an extra $2,000 of assistance for first home owners that are building their first home. This means that the first home owners are now eligible to receive up to $12,000 in grants from the Government.

 

[Les]

G'day A Jackson

stamp duty rate for property valued between $115,000 and $400,000 has been cut from 6 per cent to 5 per cent.

Did you mean to say "cut from 0.6% to 0.5%"?

Regards,

 

[JohnAJones]

I say chaps, please be good lads and focus on the original question.
If you don't know then please...

 

[geoffw]

I say chaps, please be good lads and focus on the original question.
If you don't know then please...

JAJ

With respect, people have tried to help you according to the limited knowledge they have. I can't see any response which doesn't look at the original question.

People in here try to help as much as they can. Everybody has tried to give a little of their knowledge to help.

But I'd suggest two things.

1. Wait for a few more days. There may be some people who can contribute, who only do so from their workplaces. Or people who access the forum every few days.

2. If you don't find the answer, get a professional opinion. Most of us here are amateurs, who have been helped, and try to help. But your question requires a specific knowledge, which people here may not be able to answer.

Sorry, we all do our best, but we can't always help.

If you do get an answer from somebody else, you may like to post the result. It will help the next person who comes along with a similar question.

That's the way this forum works.

 

[Jaffasoft]

I say chaps, please be good lads and focus on the original question. If you don't know then please...

Sorry! I'm probably the one that has lead this thread astray.

Since you bought the subject up and it was on my mind about the new changes to Stamp Duty I thought it a good time to ask about that since you have been directly involved.

And I am curtain someone will come along and answer your question in good time you have got more of a chance getting an answer with people commenting weather it directly answers your question or talks about the subject.

 

[jrc]

http://www.sro.vic.gov.au/sro/SROWebSite.nsf/taxes_duties duty concession ppr.htm

Eligibility requirements

If you entered into a contract to purchase your home on or after 1 January 2007, you may be entitled to the PPR concession if you:

use the property as your PPR within 12 months of becoming entitled to possession of the property (which usually occurs at settlement), and


reside in the property for a continuous period of at least 12 months

 

[ThomasAJ]

Thank you all.