Avoiding, Minimising or Delaying Stamp Duty.

Avoiding, Minimising or Delaying Stamp Duty. on property purchase

Is there any way to LEGALLY ! avoid or minimise Stamp Duty on land in Victoria ? Say for example, I want to puchase $300,000 block of land into my tust.

I am guessing not.

See my other bilateral thread on this site;
http://www.somersoft.com/forums/showthread.php?p=216622#post216622

I would guess not too. Athough it may depend on how it is currently owned. eg. if a unit trust maybe just transfer the units, if a company, transfer the shares. I belive this will mean little or no stamp duty if the property is under a certain level in value.

Another option may be to just delay it, by delaying settlement. eg. long settlement, wrap or lease option.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
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Any more additions to this topic a couple of years on?

Still waiting for that $300k block?

HI

I know nothing about trusts but I am aware of some type of clause that is: If you have a block of land that you plan to build on and live there as your sole place of residence then you may be able to avoid CGT...I think you need to have plans drawn up of your intended house.

Cheers
Bloom

"Another option may be to just delay it, by delaying settlement. eg. long settlement, wrap or lease option."

Is that really correct?  Would be interested to hear more

Work from home
www.building-your-success.com

Mot sure about the other states, but here in NSW, stamp duty needs to be paid within 3 months of the exchange, regardless of the length of the settlement. We had an 8 month settlement, opted not to pay the SD at time of exchange, and got it stamped ourselves at the Newcastle office at the 3 month mark.

Cheers
Mick

In Victoria, stamp duty may be paid up to three months after settlement if purchase was cash (no borrowings). This is the only way I know of delaying the inevitable in this state.

If any one has any insights as to how to minimise it (and avoid it) legally, please let us all know.

Cheers,

Michael.
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