Stamp Duty question - Any accountants or tax experts out there
 

Hi

If you purchase a second property to live in, but then after a week decide that you do not want to live there and then rent it out as an investment property, what do you have to do with regards to stamp duty.

Obviously by purchasing the property as your own rather than as an investment you pay less stamp duty (around $4k in my case). I presume you would have to pay the difference in stamp duty, but how long do you havbe to pay this? If you do not declare this change, how do they catch you, would it be from your tax return? Is there a fine if you are caught if there are no legitimate reasons why you changed your mind?

Thanks
Shaun

Re: Stamp Duty question - Any accountants or tax experts out there
 

Unless you have lived in it for 1 year, then you do need to pay the full duty.

You have 28 days to notify, and you may have to pay interest (on the unpaid tax) and penalty tax.

Not sure how they will know, but Tax Records would be one way.

Re: Stamp Duty question - Any accountants or tax experts out there
 

I just saw this...

http://www.osr.qld.gov.au/legislatio...-penalty.shtml