Browse Forums Home Finance 1 Jun 23, 2012 9:03 pm Hi all, Can anyone help me out with this situation. I'm lookin at buying a block of land, listed at 310. I am stamp duty exempt for that, right? If I build a house on it for 400k, rough figures and the house is worth more then 650k, does that mean I pay stamp duty on the whole value of the property? I'm confused at how this new stamp duty exemption thin is worked out, since I wouldn't be buying off the plan, as id secure the land, then get plans done up etc.. Re: First home buyers question 2Jun 23, 2012 9:07 pm You pay stamp duty on the land, but not on improvements made to the land AFAIK. It may depend on what state you are in. We are building too (First Home buyers), and have bought land separate to securing a builder. We pay stamp duty on the value of the land, and nothing else. Building the Denver by Metricon on acreage Land settlement: 24/8/15 Contracts: 8/7/16 Finance approved: 5/8/16 Council approval.....? viewtopic.php?f=31&t=79213 Re: First home buyers question 3Jun 23, 2012 10:59 pm If you're in Victoria, as bubblynutter says, you pay stamp duty on the land only. You will also get a reduction on the stamp duty if the house you build is your primary place of residence. Your conveyancer will explain it all to you (including advising exactly how much stamp duty you will have to pay). Re: First home buyers question 4Jun 24, 2012 1:46 am Firstly, stamp duty will be calculated on the land price only ($310,000), as that is the value of the property when the transfer takes place. Secondly any concession depends on what state you reside in. In NSW I think they have full exemption for land up to $300K, after that there is a concession. In Victoria there isn't a concession on land only as it isn't considered a PPR. However if you are building on it, there might be a concession. Either your conveyancer or the State Revenue Office will know. Re: First home buyers question 5Jun 24, 2012 6:46 am Thanks for the replies, sorry I should have stated that I am in NSW. I would be offering send 280, but would not go hire then 299 to be fully exempt, and when the building of the house comes around, there's no stamp duty on that? I hoe that's right, very nice for me ha-ha Re: First home buyers question 6Jun 24, 2012 9:54 am grom40 If you're in Victoria, as bubblynutter says, you pay stamp duty on the land only. You will also get a reduction on the stamp duty if the house you build is your primary place of residence. Your conveyancer will explain it all to you (including advising exactly how much stamp duty you will have to pay). The principle place of residence grant assumes that you move into your house within 12 months of purchasing the land. In my case I started the build nearly 12 months later So it looks like we finally have some movement on site! Definitely later than expected, but I'll take any progress at this point. I'll drop by over the weekend to get… 5 27712 What you are looking at is fibrous plaster, true gypsum, it is cast on horizontal beds with fibers included to give strength. I has no Asbestos in it. Houses before 1985… 2 7138 We already paid for somfy motors for the blinds. The quote above was purely for “pre-wiring” so the blinds company can install the motors and blinds. That’s why we… 5 16275 |