When is Stamp Duty due??

[fullylucky]

Hi I have a quick questions regarding stamp duty for a property.

The amount due is correct just wondering when is it due?

The contract date was 21/01/2014. Settlement is 45 days. So 04/02/2014.


Some places my soli said due on 04/02/2014 (should pay before this date as this is the day interest starts calculated).

Other place it says:

Duty must be paid and the contract stamped by the earlier of:

• 30 days from when the contract becomes unconditional: or
• Settlement

The property i bought was at an auction. and it's unconditional.... so... When is the duty really due? (I Live in QLD brisbane btw.)

 

[Aaron_C]

Which state?

 

[Terry_w]

Where you live is not relevant. Duty depends on the location of the property. Check the Duties Act QLD if it is in QLD.

If the property is being mortgaged then the lender will require the stamp duty to be paid at settlement or before.

 

[perthguy]

If the property is being mortgaged then the lender will require the stamp duty to be paid at settlement or before.

I had a bit of a drama with my most recent IP purchase because I was refinancing three existing properties at the same time as purchasing a new one and didn't want to stump up stamp duty prior to settlement. I did get my offer and acceptance stamped though, so at settlement, the lender knew exactly how much stamp duty would be. I made the lenders settlement solicitor firm write me up a cheque for the stamp duty which they handed over at settlement. The weird part was that the manager actually walked me down to the State Revenue Office to make sure I gave them the cheque! On the way he asked me if it was my first property purchase. I nearly fell over.

 

[Qlds007]

If it was a Qld property and purchased at Auction the Duty is payable 30 days from the Contract date.

Cheers


Richard

 

[fullylucky]

Ok thanks.... I just paid today.

I hope it's not 30 days... and I get charged interest XD

I made a typo in my original post i mean 21/12/2013 as the contract date (auction date)...

in that case 30 days is 20/01/2014... which means I paid 11 days late...