Browse Forums Building A New House 1 Nov 27, 2008 6:02 pm We recently exchanged contracts on land we are purchasing within The Ponds. This land isnt due to be registered until Feb/Mar 09. Today we received a letter from our conveyancer requesting stamp duty be paid on the land by 9th Dec. We were of the understanding that seeing as the land isnt registered & 'technically doesnt exist on paper' as our conveyancer keeps saying, that we didnt have to pay stamp duty till its registered..
Any advice? ~~~~~~~~~~~~~~~~~ Building the Aspiration 35MKII with Wisdom ~~~~~~~~~~~~~~~~~ http://pondsaspiration.blogspot.com/ Re: Stamp duty when land isn't registered- The Ponds 2Nov 27, 2008 6:35 pm Hmmm... interesting one. I have no clue but I will ask my coveyancer about this as we should have exchanged today. After 4 years - we're in! Re: Stamp duty when land isn't registered- The Ponds 3Nov 27, 2008 8:46 pm Interesting! Since we also bought in the IRIS, we should expect that letter soon. But before we receive the letter..I will confirm with our solicitor tommorrow. Please someone - shed some light! Re: Stamp duty when land isn't registered- The Ponds 4Nov 27, 2008 8:48 pm Hey Stonecutter,
How do you manage to post so many replies and keep track of almost every posting in the forum? Go girl..I like your attitude..very positive. Re: Stamp duty when land isn't registered- The Ponds 5Nov 27, 2008 8:51 pm It may vary from state to state, but here in Victoria, you pay stamp duty only when the title is transferred to your name - i.e. at settlement. It's always been that way, at least for the past 30 years.
There may be other stamp duty requirements - on contracts and mortgages, for example - but those are usually minimal in terms of amounts. Stamp duty in this state applies to certain legal documents (land transfers, mortgages, probate applications and so on), so until the document is registered, I can't see how you would be required to pay. Have a trawl through the Office of State Revenue website and see what you can find out: http://www.dtf.wa.gov.au/cms/osr_content.asp?id=180 I tried to find the answer for you, but when I got the part about put and call options and ad valorem stamp duty rates, my eyes glazed over and I gave up. I actually did my own conveyancing for my first property purchase (I also drew up our wills - what can I say; I'm a cheapskate... ), but so many things have changed and I have so much less time, that these days I prefer to pay an expert. Definitely ask your solicitor or conveyancer for advice before paying. Re: Stamp duty when land isn't registered- The Ponds 6Nov 27, 2008 9:08 pm This is all I could find
http://www.osr.nsw.gov.au/taxes/transfer_land/faqs/ Quote: When is duty paid? Duty must be paid within three months from the date of exchange of contracts. Sorry kek, this is the OSR website we need, not the WA one Stevep79 & Principessa Finished building Wisdom Homes Impression 33mkII in The Ponds, Sydney http://lilypadintheponds.blogspot.com Re: Stamp duty when land isn't registered- The Ponds 8Nov 28, 2008 7:03 am Found this on google
New South Wales Stamp Duty is payable on the Contract after it is exchanged. If you are borrowing money to purchase the property, and settlement is around 6 weeks from exchange, the stamp duty will need to be paid usually at least 2 weeks prior to completion to avoid any delays with completion of the purchase. If settlement is longer that the usual 6 weeks payment of stamp duty can be delayed until nearer completion provided that it is, in any case, paid within 3 months of the date of exchange, otherwise interest will accrue. If you are not borrowing money to purchase the property, payment of stamp duty can be delayed until the time of completion provided that it is, in any case, paid within 3 months of the date of exchange otherwise interest will accrue. If you are purchasing an "off the plan" residential unit, stamp duty is payable within twelve months of the date of the exchange of Contracts or at completion of the Contract, whichever occurs first. If you are purchasing an "off the plan" commercial unit or vacant land which is subject to a subdivision, stamp duty must be paid within 3 months of the date of exchange otherwise interest will accrue. Re: Stamp duty when land isn't registered- The Ponds 9Nov 28, 2008 7:19 am Thanks everyone!
We are going to speak to Conveyancer today, no plans to pay it until closer to that 3 months. ~~~~~~~~~~~~~~~~~ Building the Aspiration 35MKII with Wisdom ~~~~~~~~~~~~~~~~~ http://pondsaspiration.blogspot.com/ Re: Stamp duty when land isn't registered- The Ponds 10Feb 06, 2009 9:22 am I was going to post a new thread but found this one and thought i would post it here instead as this relates to the people posting here ...
Ok , we received the same letter as to paying the stamp duty to , at the time i thought bit rude as our land wont tittle till 5-6/09 ... Now ours was due to be paid by 20/12/08 so ok i thought they can wait till the 18th and i will pay it then as we're going on holidays to qld on the 19th... Anyway we go away and i get a phone call from the solicitor , were is the stamp duty cheque , aahhh crap i forgot all about it ... Max fine for a month late for us will be around $70 , checked on the gov site this is how much we have to pay , the solicitor double checked it yep that's correct , ok paid it and forgot about it till yesterday ... Open up a letter from the solicitor and there's a refund cheque from state revenue for $640 WTF Seems that the stamp duty rate changed in December and when i use the calculator now it comes up with the new amount not the old one So you might want to recheck your stamp duty payable as it might have changed like ours ... Re: Stamp duty when land isn't registered- The Ponds 11Feb 06, 2009 1:56 pm da68za I was going to post a new thread but found this one and thought i would post it here instead as this relates to the people posting here ... Ok , we received the same letter as to paying the stamp duty to , at the time i thought bit rude as our land wont tittle till 5-6/09 ... Now ours was due to be paid by 20/12/08 so ok i thought they can wait till the 18th and i will pay it then as we're going on holidays to qld on the 19th... Anyway we go away and i get a phone call from the solicitor , were is the stamp duty cheque , aahhh crap i forgot all about it ... Max fine for a month late for us will be around $70 , checked on the gov site this is how much we have to pay , the solicitor double checked it yep that's correct , ok paid it and forgot about it till yesterday ... Open up a letter from the solicitor and there's a refund cheque from state revenue for $640 WTF Seems that the stamp duty rate changed in December and when i use the calculator now it comes up with the new amount not the old one So you might want to recheck your stamp duty payable as it might have changed like ours ... Here, have $640 for being late, that'll teach you Stevep79 & Principessa Finished building Wisdom Homes Impression 33mkII in The Ponds, Sydney http://lilypadintheponds.blogspot.com Re: Stamp duty when land isn't registered- The Ponds 12Feb 06, 2009 2:22 pm stevep79 da68za I was going to post a new thread but found this one and thought i would post it here instead as this relates to the people posting here ... Ok , we received the same letter as to paying the stamp duty to , at the time i thought bit rude as our land wont tittle till 5-6/09 ... Now ours was due to be paid by 20/12/08 so ok i thought they can wait till the 18th and i will pay it then as we're going on holidays to qld on the 19th... Anyway we go away and i get a phone call from the solicitor , were is the stamp duty cheque , aahhh crap i forgot all about it ... Max fine for a month late for us will be around $70 , checked on the gov site this is how much we have to pay , the solicitor double checked it yep that's correct , ok paid it and forgot about it till yesterday ... Open up a letter from the solicitor and there's a refund cheque from state revenue for $640 WTF Seems that the stamp duty rate changed in December and when i use the calculator now it comes up with the new amount not the old one So you might want to recheck your stamp duty payable as it might have changed like ours ... Here, have $640 for being late, that'll teach you I don't know why i am excited , as DW already has it earmarked for something ... Hi, This is my first post. We are planning to buy new home via House and Land (H&L) Package around Boxhill/Gables/Marsden Park in Syndey. Googled reviews for most of… 0 10493 Very good points. Thanks so much ponzutwo for your advice. Appreciate it. 2 10391 That's very helpful, thank you. I was mostly interested in knowing if a spoon drain requires a specific slope, but I appreciate the extra information. 4 3921 |