cheshiremark

Hi Everyone,
We're just in the process of buying our first Australian house. Despite the fact that we used to own property in the Uk we was under the impression that as first time australian home buyers we didn't need to pay stamp duty (which I've recently found out is now called transfer duty here) for houses up to $500,000. However when I downloaded the form to claim this concession it asks: 'Before acquiring this property, have you ever held an interest in residential land in Queensland or elsewhere?'

Now what I want to know is what is exactly meant by the term 'Elsewhere' - is this just elsewhere, just, in Australia or does it mean anywhere in the world. I phoned the Queensland Treasury client contact centre and was told that it meant anywhere in the world and so I couldn't claim it is this right?

And if it is right can I just check on the exact wording used, i.e. it says residential land. Now i may be just clutching at straws here but my house in the UK was leasehold - i.e. we didn't own the land just the house that was built on it - therefore we haven't actually owned any land before so should we actually answer no when they ask about owning land in Queensland or elsewhere?

Mark

jayr

Don;t have an answer for you just more things you may not want to hear; I believe that you ar technically not able to get the FHOG either.


I have kept the above line in for context given it is quoted later.

Having looked into this I think my contention was wrong. People who hae owned properties overseas may still receive the FHOG in Australia based on meeting the criteria. Ownerhsip of property overseas is not relevant to that decision, but MAY be relevant to Stamp Duty

comet555

When we bought our house in Queensland last year we specifically told our mortgage broker that we had a previously bought a house overseas.

They said as long as we hadn't owned a house in Australia then we could claim it. I noticed the same thing on the forms, although the mortgage brokers filled out a lot of it and had marked no. So I figured they knew what they were doing.

We had no problems getting the first time home buyers grant, and I'm pretty sure we didn't have the stamp duty either.

comet555

For the 1st time homebuyers grant look here:
http://www.osr.qld.gov.au/fhog/first...gibility.shtml
It only makes mention of owning a home in Australia, no mention at all of overseas.

Watt Dabney

As far as I am aware the confusion arises from the fact that the eligibility for FHOG is this being your 1st home in Australia but the eligibility for transfer duty concessions is 1st home anywhere in the world. I looked into this extensivley before we bought and did not claim stamp duty (transfer duty) concessions but will be claiming FHOG when we build.


I know of people who have claimed it, stating they will plead ignorance if asked. We decided not to as knowing our luck we would be caught out and we wanted to be honest esp as the FHOG for building is very generous at the mo, and I would have felt very cheeky.

cheshiremark

Hi,
The rules seem to be a lot more relaxed about the FHOG and it is just houses in Australia that they are interested in. This is from the Queensland treasury website:

You and your spouse must not have previously held an interest in residential property in Australia prior to 1 July 2000. This includes investment homes
You and your spouse must not have previously held an interest in residential property in Australia on or after 1 July 2000 in which you or your spouse have resided (Ownership of an investment property after 1 July 2000 will not prevent you from obtaining the Grant provided you have NOT lived in the home)

Mark

cheshiremark

Hi,
We've not claimed it at either and have just sent a cheque for it but it is a lot of money and so just wanted to be 100% certain that we have to pay.

This is especially so since as I've already said in the exact wording they use they use the word 'land' as opposed to 'property', 'home' or 'house'.

Mark

cheshiremark

Hi,
Somebody I know used a finacial advisor and the advisor helped him with the form for the stamp duty concession - this just makes me even more confused as to whether we have to pay or not.

Mark

Watt Dabney

It is confusing, but basically 1st time buyer grant and transfer duty concessions are two different things with different eligibility criterea, migrants who have held an interest in property overseas are eligible for 1st time buyer grant but not transfer duty.

It took me by surprise too, and we paid a large bill we weren't expecting., but are content in the knowledge everything is aboveboard and as I said FHOG is very generous at the moment.

I rang the revenue dept direct and asked for clarification to make sure I had it right.

comet555

Oh hang on a second. I just checked out documents and it does appear that we paid Stamp duty (mortgage duty) of $1200. The house was $460,000 so not sure if that's a reduced rate or not.

So looks like we did pay some stamp duty after all.

ABCDiamond

First Home Owners Grant
QLD
Stamp Duty
QLD
That includes an ownership interest in land anywhere in the world. Leasehold land would be excluded. A technicality in this instance, I think.


Stamp / Transfer Duty on Standard Home sales (Home concession rates)
QLD as from 1st July 2008

• Up to $350,000 = $1.00 for each $100 or part of $100
• $350,001 to $540,000 = $3,500 + $3.50 for every $100 or part of $100 over $350,000
• $540,001 to $980,000 = $10,150 + $4.50 for every $100 or part of $100 over $540,000
• More than $980,000 = $29,950 + $5.25 for every $100 or part of $100 over $980,000

suzanne7575

does the stamp duty one have any time periods attached to it. We have not owned a home in the Uk since 2003 would that make any difference

comet555

I have never seen time frames listed on any of the forms. It's just a blanket question that states have you or haven't you.... so the answer would still be you have bought a home elsewhere (overseas).

ABCDiamond

Mortgage stamp duty was different, and not very expensive, but has now been abolished.

Looking at the pre July 2008 Transfer duty rates, you would have been liable for $7,000 in Transfer duty, on a $460,000 house.

Although in 2003 it was higher. I paid $7,225 on a $385,000 house.

suzanne7575

thanks, not thats it's probably relevaany anyway cos by the time we move over and even consider buying all the incentives will have finished anyway