goat eyes

Hi !

I have had a look at a house that I like the look of, it will probably go for 550-600k AUD.

I have also read that as from 1st Sept , first time home owners are exempt from stamp duty up to 500k.

If I bought for 550k, do I pay stamp on 50k or 550k?

Thanks in advance for any replies !!

Kalenge

550k

torcraw

Is the new (up to 500k) stamp duty exemption for first time buyers only for Queensland, or all of Australia?

goat eyes

I beleive it is just QLD.

I asked the bank mananger this morning,& she was sure that the stamp duty was payable on the amount in excess of 500k only?!

Still confused, & cant seem to find a definitive answer online either!

HELP!

asprilla

Send an email here to this address. When you get the answer, make sure you post it on this thread to let us all know !!!!

[email protected]

busterboy

I think you pay the stamp duty on the whole lot.

Swerv-o

If it's the same as NSW (which I'm not saying it is), then properties up to and including $500k are duty exempt, between $500 and $600k is a reduced duty on the whole value, and anything above $600k is full duty.


S

Flan

Does this include Sydney? I know Sydney is in NSW but sometimes major cities are exempt from appealing promises!!!

Property Wealth

Hi

A link which will resolve the issue and explain (I hope) and then it will all change as of the 01.09.08 for the better though as Transfer Duty (name replaces Stamp Duty) in Queensland at least, will become less on values up to $500 K and over this is an amount in increments of $1,000 AUD.

Link

briwi

I hope it includes Sydney - otherwise Swerve will be spitting feathers! As far as I'm aware, it does

NedKelly

That should nicely bugger up the market for vendors who have homes valued between $500K & $575K.

Then again, first time buyers should not be spending all that money on a home.

goat eyes

Thanks for the link,

To be honest, I am still unsure !

Stamp duty is exempt in QLD from 1st sept 08 for 1st time buyers.
Tranfer duty is the new name for stamp duty??
As usual (i find) government forms are written in a language designed to confuse your Average Joe!!

Swerv-o

Yes, that includes Sydney. Must be a PR or citizen to qualify, and must have never owned or had an interest in a property in Australia before. You only get the exemption once, so it's best to get it on the best priced house that you can afford as a first time buyer.

Remember also that there is the First Home Owners Grant (FHOG) which (I think) is $7000, and can be used to offset the cost of the stamp duty. If you take into account the stamp duty exemptions and the FHOG, then I think that you can buy a house up to the value of $531k and not be out of pocket with duty.


S

goat eyes

Dear Goat Eyes,

Thank you for your email dated 20 August 2008.

As from 1 September 2008, there is no transfer duty payable for a
residential property worth $ 500,000 or less for first home buyers only.
What this means is that first home buyers get the benefit of the full
concession if the property is $ 500,000 or less from 1 September 2008.

However, if the dutiable value of the property is $ 550,000 as at 1
September 2008, then the duty payable is $ 10,150 for the first $ 540,000
and anything above the $ 540,000 is calculated at $ 4.50 for every $ 100
thereafter.

Please note that there the first home concession drops to nil if the
dutiable value of the residential property is $ 550,000 or more from 1
September 2008.

The rates of transfer duty for home concession as at 1 July 2008 will apply
to this dutiable transaction.

For your information I have provided links below to the relevant brochures
and form for the concession:

Rates of duty (As at 1 July 2008) -
http://www.osr.qld.gov.au/forms_publ...at_1July08.pdf

Changes to transfer duty from 1 July 2008 -
http://www.osr.qld.gov.au/forms_publ...ges1july08.pdf

Form OSR - D2.1 Claim for home/first home transfer duty concession -
http://www.osr.qld.gov.au/forms_publ...rm2.1-8Jan.pdf

The Duties Act Transfer duty concessions for homes
http://www.osr.qld.gov.au/forms_publ...homes_0708.pdf

To claim the concession, you will need to submit a completed form 2.1, the
agreement or transfer documents for the residential property and any other
relevant documents from the Department of Natural Resources & Water (DNR).

You may wish to contact DNR on (07) 3405 6900 or visit their website at
www.nrw.qld.gov.au

If you need additional information, please contact this office by return
e-mail or phone 1300 300 734.

Love you,



Revenue Officer
Brisbane Client Contact Centre
Office of State Revenue, Queensland

Web: http://www.osr.qld.gov.au/

Phone: 1300 300 734

ps. ok I changed it a little bit........

asprilla

excellent, cheers for that....so the duty is payable on the full value, not just the excess over $500k.

regards