All Topics / General Property / Penalty interest on property Stamp duty

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  • Profile photo of soulleighsoulleigh
    Member
    @soulleigh
    Join Date: 2011
    Post Count: 1
    January 25, 2011 - 1:18 pm

    Hi all,

    Just needing some answers on Penalty interest on  property Stamp duty!!
    My settlement agent obviously lodged our stamp duty proir to settlement being ready now that settlement is almost ready he has infrmed me that I have to pay penalty interest on late payment even though we have not even settled the property yet?
    Please help me with any information.

    Profile photo of bellzbellz
    Participant
    @bellz
    Join Date: 2009
    Post Count: 10
    January 26, 2011 - 12:38 pm

    In Qld, if stamp duty is not paid on time (ie within 30 days of an unconditional Contract, or 30 days from the date it becomes unconditional) penalty interest to OSR is payable.  Can't remember what the current interest rate is though.

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404
    January 26, 2011 - 1:06 pm

    "My settlement agent obviously lodged our stamp duty proir to settlement"
    There is a time frame. You can't pay it the day before.

    Check WHEN it was due.
    Check the date you issued the bank cheque.
    Check the date your "agent:" received it.
    Check the date it was paid. Then you'll know if it was your fault or theirs.

Viewing 3 posts - 1 through 3 (of 3 total)

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