Browse Forums Home Finance 1 Jul 10, 2017 1:23 pm Hi there We signed out land contracts on the 7 July 2017 and are First Home Owner Buyers and are looking to build soon as the land titles. The land is waiting for lodgement at Titles Office. Now can you tell me with the recent changes whether we still have to pay any stamp duty on the land. I'm of the view that its none payable. However, when I raised it with my conveyancer they said it was still payable and then I could claim it back after the house was built. Though, they would check up on that after I mentioned that there might be none with the recent changes. I checked with the SRO calculator and it comes up $0 payable. In Regional Victoria. Could someone please shed some light so I know whether I have to find some additional money for stamp duty. Re: FHOB - Stamp Duty 2Jul 10, 2017 1:25 pm Hi, thats been my experience, you claim it after the house is built - but I don't do a lot in VIC, PLC would know more Feel free to ring the SRO and they will give you the facts. Bec Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: First Home Buyers - Stamp Duty 3Jul 10, 2017 2:41 pm Yep, that's what I've experienced with all my clients when the stamp duty discount was at 50% for First Home Buyers. They had to pay the full stamp duty (minus the PPR concession funnily enough) at land settlement, and then claim a rebate for the 50% stamp duty discount after completing building within the first 12 months. Would say its the same procedure now with the only difference being its 100% rebate on stamp duty after build. However call the Victorian State Revenue Office to confirm on the chance they changed the process. Cheers, Tom Re: First Home Buyers - Stamp Duty 5Jul 10, 2017 4:06 pm icat2000 I called the SRO no stamp duty payable. At settlement of land only? That's good to know going forward. Cheers, Tom Re: First Home Buyers - Stamp Duty 8Oct 06, 2017 8:06 pm Hi! icat2000, By definition, stamp duty is a tax which must be paid on property purchases which exceed certain monetary values. The more expensive the property, the greater the percentage of the price which must be paid in stamp duty. Which means if you now own a land, basically you might pay a set percentage, which increases at certain thresholds, on each portion of the property price. But in you case, you don't pay a specific percentage on the entire purchase as if the land is awaiting for lodgement. Cheers! A quick update, we didn't have site start before Easter. Summit can't seem to give me a day when they are scheduled to begin, so I'm left with a vague "within 10-20… 4 26725 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 16082 11 40634 |