I hope someone can advise.
Relates to QLDWe sold our PPR in Jan 07 and purchased a block of Land for $325,000 this was completed at the same time as the sell, we are currently renting our old PPR back whilst we build on the block. We were charged $9,850 stamp duty for the block, this block with the build will be our new PPR. I have been doing some checking as we are purchasing another block for investment property and it appears that the stamp duty was charged at the investment rate instead of the PPR rate, my figures show we should have paid $3,375 not the $9,850. This block was purchased outright without any loan over it. Our new block is $231,00 with a stamp duty shown as $6,607.50 which does appear correct for an investment property.
Does anyone agree with my above concerns or am I totally wrong, Is the stamp duty rate for land the same regardless of it being for a PPR or IP
Or is there more to this comment
" since 1st January 2007 there has been a new category added to allow the purpose land is purchased for to be taken into consideration for the stamp duty calculation".
If so where could I find out more.Thanks for any advice
Cliff.Hi Cliff
You must be in QLD??? I think that is the only place where they charge more stamp duty for investments. You may be able to get a refund by contacting the Office of State Revenue.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Not being an expert on Qld duty but the FAQ section of theOSR website on duties has the following example:
– Does the Duties Act 2001 allow a refund of duty paid on the purchase of vacant land when a person's principal residence (not being their first home) is subsequently built on that land?
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