Avoiding, Minimising or Delaying Stamp Duty.

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hwd007
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@hwd007
Join Date: 2002
Post Count: 247
June 10, 2006 - 5:20 am
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
Terryw
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June 10, 2006 - 10:02 am
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
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Brizza
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April 8, 2008 - 9:15 am
Any more additions to this topic a couple of years on?
Scott No Mates
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April 8, 2008 - 9:19 am
Still waiting for that $300k block?
utopiabloom
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April 18, 2008 - 1:42 pm
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
Builda
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May 6, 2008 - 11:40 am
"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
newbi2
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May 7, 2008 - 1:06 pm
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
Michael 888
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May 7, 2008 - 2:03 pm
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.
willahearn
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@willahearn
Join Date: 2008
Post Count: 7
June 4, 2008 - 10:49 am
Buying a PPOR as a first homebuyer in Queensland. Does anyone know if it is possible to delay stamp duty until after the 1st of september when the stamp duty exemption for first home buyers will be raised from $320K to $500K? My settlement date is the 27th June (ie Would be trying to extend it a little over 2 months).
Does anyone know if the 3 month delay Michael suggested in Victoria would apply in Queensland, or is the relevant date for stamp duty purposes taken as settlement date?
Thanks for any help you guys can offer.
Will