Vic stamp duty

[Dream 2 Reality]

Hi all

Can anyone advise on the following -

If multiple units, on separate titles are purchased at the same time, is stamp duty payable on the aggregate value or is it calculated on the value of each individual unit?

Thanks in advance

 

[WillG]

I would hazard a guess and say per property.

 

[DavidMc]

I would hazard a guess and say whatever works out to be the most expensive.

 

[Jamie]

If the units are on individual titles, it doesnt matter if you are buying more than one at a time - buying each unit is a separate purchase, so stamp duty is levied on the purchase price of each unit.

I would hazard a guess and say whatever works out to be the most expensive

Can't argue with that either

Jamie.

 

[shoeguy]

You would pay stamp duty on the whole purchase price as if it is one sale.
I went through the same thing 18 mths ago when i purchased a block of 3 units
in Glenroy all on seperate titles. The way my solicitor explained it to me was that the state revenue office looks at it as the same purchase from the same vendor to the one purchaser on the same day.I thought even of having diffrent settelement dates for each unit, but my solicitor said the sro would look at that as trying to avoid tax.

 

[Bricks & Mortar]

If my memory serves me correct

If the units are on individual titles, it doesnt matter if you are buying more than one at a time - buying each unit is a separate purchase, so stamp duty is levied on the purchase price of each unit.

Jamie.

I seem to remember this in one of the investment books.
The author did seek a ruling, as individual titles, and suceeded,
but I'm trying to locate it. (As it normally it gets rejected)

 

[Bricks & Mortar]

Both Correct Jamie

If the units are on individual titles, it doesnt matter if you are buying more than one at a time - buying each unit is a separate purchase, so stamp duty is levied on the purchase price of each unit.


Can't argue with that either

Jamie.

It depends which state,
as the rules varies.


In Victoria it is possible providing the contract for each unit is an individual contract and that they are also offered for individual sale and you decide to buy all the individual units as opposed to just the block. (They would need to have separate titles - Strata)
A letter from the Real estate agent should provide sufficient proof but along with that is the need to lodge separate land transfers which will increase conveyancing costs a little but will mean the stamp duty will not be treated as 'aggregate'.

I'm guessing here: but if you have already lodged your transfer, and seek a refund from the state revenue office, it would be too late, because it has been already lodged and stamped as a block rather than individually.
(signed sealed and delivered so to speak)

Conversely in SA it is treated differently, where if you bought 4 units in 4 separate streets, it would be considered one transaction because you settled on the one day!

Ouch

 

[Bricks & Mortar]

It depends which state,
as the rules varies.


In Victoria it is possible providing the contract for each unit is an individual contract and that they are also offered for individual sale and you decide to buy all the individual units as opposed to just the block. (They would need to have separate titles - Strata)
A letter from the Real estate agent should provide sufficient proof but along with that is the need to lodge separate land transfers which will increase conveyancing costs a little but will mean the stamp duty will not be treated as 'aggregate'.

Ok, having an issue as the advertisment didn't have the address on the net or the newspaper
will post back findings

 

[Bricks & Mortar]

OK in VIC.

Just received the cheque for the overpaid stamp duty

So in Victoria if they are multiple units, on separate titles, purchased at the same time, (i.e. strata titled) It can be calculated on the value of each individual unit as opposed to the aggregate value but they must be:

1) On separate contracts
2) Advertised for individual sale with appropitate evidence produced for the SRO
3) Lodged as individuals

Don't think that this is common proceedure for your solicitor as I had to convince her that it was possible and although the lodging was all done correctly, I still had to follow up with addition data to the lending institution after the first attempt to lodge was denied.

Settlement was 23/11/07 and the cheque received 14/01/08.