Huggkat

Help - I'm so confused!!

I am due to settle on a piece of land on Monday and I keep reading/hearing different things about stamp duty concessions - I keep ringing my Conveyancer and e-mailing but she's either never in the office or sends e-mails back without answering the actual question. So I'm hoping someone on here may know the answer:-

We have had properties before in the UK but they have been sold. The letter from my Conveyancer more or less reads that if we have had properties/land anywhere in the world before then we are not eligible for the stamp duty concession, however, then we read that if this is vacant land and we are to build on it within 2 years and it is the first land we have had in Australia then we may be eligible for a concession? Anyone know the answer?

Thanks in anticipation.

Kat

Swerv-o

As far as I am aware, stamp duty concessions in QLD are decided upon previous worldwide property ownership. The QLD OSR site says that you may be eligible for the transfer concession for vacant land if:

You can claim a first home vacant land concession if:

* you buy vacant land after 1 January 2007
* you are at least 18 years of age
* you have never held an interest in residential land (whether in Queensland or elsewhere)
* the home to be constructed on the vacant land will be your first home
* there will only be one home constructed on the vacant land
* there was no building, or part of a building, on the land when you bought it
* you have not received a first home vacant land transfer duty concession before
* you build and occupy your first home as your principal place of residence within 2 years after the land is transferred to you
* you do not dispose of the land before, or within 1 year after you start living in the constructed residence.

And the first home concession states:

* have never held an interest in residential land anywhere in the world

I would suggest that the term 'elsewhere' interpreted purposively with a plain English meaning means just that - elsewhere. So, unfortunately, it looks like you are probably going to have to cough up the stamp duty.


S

ABCDiamond

The $7,000 First Home Owners Grant is a Grant.

The Reduced Stamp duty is a Concession.

Huggkat

Thanks guys.

Finally got to speak with the Conveyancer today and the story is:-

We are not eligible for the Stamp Duty concession as we have had properties in the UK before.

but, we are eligible for the $7000 First Home Owners Grant when we build as this is our first property in Australia.

Any saving is better than nothing .

Thanks for your help.

Kat

darrellandsarah

i,d check again as we settled on a block earlier ourselves and qualified for the concession.we paid $1000 stamp duty and yes we owned a property in the uk

ABCDiamond

Did you say you did on the application form ?

and .. are you in QLD ?

darrellandsarah

yep filled the form out with our old home in uk on it.yes the land is in burpengary

ABCDiamond

First home concession
If you have never owned a home before, you may be entitled to a ‘first home’ concession (which is greater than the home concession).

You can claim a first home concession if you:

• have never held an interest in residential land anywhere in the world

http://www.osr.qld.gov.au/duties/tra...or-homes.shtml

However, you would be entitled to the Home concession
You can claim a home concession if you:

• buy a home and move into it within one year of the date of transfer or acquisition
• live in the home as your principal place of residence