All Topics / Help Needed! / ACT Stamp Duty Exemption – Investment Unit

Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of ediot123ediot123
    Participant
    @ediot123
    Join Date: 2007
    Post Count: 54

    Hello Guys,

    I purchased my first IP back in 2011 which is a unit located in Canberra. I paid approx $5000 in stamp duty at the time.

    Needing some help/advice from anyone that knows about investments in ACT and whether I should be claiming the stamp duty back during tax time. Also would like to know more about the leasing details.

    I visited my accountant earlier this week and she advised me that any property purchased in ACT should be exempted from stamp duty as you do not “own” the land and only “leasing” this from the government.

    I would like to hear from anyone who has knowledge on this. Much appreciated

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    If it is an investment property and will continue to be then you should have claimed the stamp duty back then. It is probably too late to amend that tax return now, so you may have to wait till you sell to claim it off your CGT.

    ACT is different to other states as the land is leasehold and the stamp duty is not paid on the transfer of land but on the transfer of a lease.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of ediot123ediot123
    Participant
    @ediot123
    Join Date: 2007
    Post Count: 54

    Thank you Terry.

    I don’t remember claiming this when I first purchased the property. Do you know where or how I am able to try and claim this back and amend my tax return if possible?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    You can generally can only amend 2 years worth of tax returns – the last 2 years.

    Seek the advice of your tax agent.

    • This reply was modified 3 years, 5 months ago by Profile photo of Terryw Terryw.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hiya

    Stamps should have been claimed in the same financial year that you purchased the property in.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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