Hi,
When claiming the reduced stamp duty for an owner occupier residence what is the minimum time frame that you
must live in the place ???? I remember reading on ATO's website that it is 6 months but no minimum time can be enforced
as long as proof of residency is provided ie rates/power/electricity notices etc.Regards,
TrevorDepends on which State you are referring about.
Check with the OSR in your State.
Richard Taylor | Australia's leading private lender
What is the minimum for QLD?
In Qld
You can claim a home concession if you:
- buy a home and move into it within one year of the date of transfer
- live in the home as your principal place of residence
- do not sell, transfer, lease or otherwise grant exclusive possession of part or all of the home to another person(s) before moving in or within one year of the date you move in.
Richard Taylor | Australia's leading private lender
In Qld
You can claim a home concession if you:
- buy a home and move into it within one year of the date of transfer
- live in the home as your principal place of residence
- do not sell, transfer, lease or otherwise grant exclusive possession of part or all of the home to another person(s) before moving in or within one year of the date you move in.
Richard Taylor | Australia's leading private lender
In Qld
You can claim a home concession if you:
- buy a home and move into it within one year of the date of transfer
- live in the home as your principal place of residence
- do not sell, transfer, lease or otherwise grant exclusive possession of part or all of the home to another person(s) before moving in or within one year of the date you move in.
Richard Taylor | Australia's leading private lender
Qlds007 wrote:In QldYou can claim a home concession if you:
- buy a home and move into it within one year of the date of transfer
- live in the home as your principal place of residence
- do not sell, transfer, lease or otherwise grant exclusive possession of part or all of the home to another person(s) before moving in or within one year of the date you move in.
thanks, I thought this was the case but I was wondering if there was no minimum time inforced
Thanks Qlds007….I just downloaded form OSR – D2.1 (Application for Home Concession) and yeah it says you must not
dispose of the acquired property within one year. (It mentions Leasing would be classed as disposing of ) So basically you
must occupy within a year for a period of no less than a year. This is different from what I read on the ATO or OSR website
a few years back which said 6 months but no minimum can be enforced…so I guessed rulings changed to tighten loopholes.I was wondering about this because we have just bought and moved into a home after relocating accross the state and have since purchased a more suitable home again hoping to move in as our primary residence….we can still claim both concessions but it will be a more inconvenient timing issue…although the saving of $ 6,000 compensates adequately.
Regards,
Trev@ Trev – You should probably speak to your accountant or solicitor on this matter as they can offer you professional advice.
Ryan McLean | On Property
http://onproperty.com.au
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