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
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://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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?
You can generally can only amend 2 years worth of tax returns – the last 2 years.
Seek the advice of your tax agent.
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This reply was modified 7 years, 7 months ago by
Terryw.
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
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 MeMortgage Broker assisting clients Australia wide Email: [email protected]
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This reply was modified 7 years, 7 months ago by
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