Browse Forums General Discussion 1 Mar 24, 2009 7:09 pm Ok i know this cant be true, but our conveyancer just sent us a letter saying the contracts were exchanged and now you owe about $7600 stamp duty on land payable within 14 days. .. which is WEIRD cause our land is under $300,000 .. I've just received the letter in the evening and will speak to him tomorrow, but just being impatient ... can anyone confirm this is definitely an error .. ? or are there any clauses im missing!? (i'm building a house on the land and am a first home buyer) --- I don't have a signature - just this sentence saying that I don't have one - that'll do! Re: stamp duty on land under $300k in nsw?? 3Mar 24, 2009 7:30 pm Hey. I think it must be a mistake - I triple checked with like 3 conveyancers, plus our mortage broker, plus contacted the department of treasury to make sure we didn't have to pay anything. They sent me this: [i]If this is a house land package where to be able to settle the land contract,a completed house must be built, then this would be assessed on the total of both house and land.See Duties Revenue Ruling 18 on our website. If the total is $400,000 and you are eligible first home buyers it would be fully exempt under First Home Plus. If this is a house land package then the total must be under $600,000 to obtain any stamp duty concessions under First Home Plus. If it is vacant land and you settle on this first before building your home then it must be under $450,000 to obtain any stamp duty concessions.The building of the home in this scenario would not incur stamp duty. [/i] I was aking about house and land, but the conveyancers (all of them!!) told me as long as the land is under the limit, you are exempt from stamp duty. So...unless it's part of a house and land package over the max, or you've got some kind of record as having been involved in nother home purchase, you should be right I think (though I'm not an expert!!) Re: stamp duty on land under $300k in nsw?? 4Mar 24, 2009 9:11 pm I'm definitely a first home buyer, have had nothing to do with property/land purchases previously .. It IS for just the land portion, i'm building a house which is separate .. not a package .. so i guess it must be a mistake .. i'll call him up tomorrow and clarify this .. gosh such mistakes takes your heart beat to 120 !! Thanks for the support --- I don't have a signature - just this sentence saying that I don't have one - that'll do! Re: stamp duty on land under $300k in nsw?? 6Mar 25, 2009 8:51 am Ok all cleared. My conveyancer didn't think i was a first home buyer so he didn't apply the exemption. I'll sign a form and send it to him which will exempt the SD. So in NSW, if your land is under $300K you're exempt, alternatively if your house and land package (or completed home) is under $500K you're exempt.. Cheers and thanks for the help --- I don't have a signature - just this sentence saying that I don't have one - that'll do! Re: stamp duty on land under $300k in nsw?? 7Mar 30, 2009 11:31 pm bluemetal77 Ok i know this cant be true, but our conveyancer just sent us a letter saying the contracts were exchanged and now you owe about $7600 stamp duty on land payable within 14 days. .. which is WEIRD cause our land is under $300,000 .. I've just received the letter in the evening and will speak to him tomorrow, but just being impatient ... can anyone confirm this is definitely an error .. ? or are there any clauses im missing!? (i'm building a house on the land and am a first home buyer) bluemetal77, I thought it was a deja vu when I read this. Then I realised you posted this in two sections at once. Just to clarify, I'm not a builder I've read my own council's LEP numerous times and worked with an architect to understand my own lot size and problems. 5 1774 Thanks for the insights, that makes perfect sense, and yeah, I will be leaning on the experience of the excavator operator entirely. 6 16103 I want to build a bigger driveway (without a nature strip) than has been approved under my CDC. I’ve also had a DA approved to build a deck. It looks like I can do this… 0 4783 |