澳洲Australia property Avoiding stamp duty | Sydney


在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo


Hi all

We have the option of buying my mother in laws house. If we go ahead we will end up paying her around $2m.

My question is, is it possible to put on all the contracts that we paid, say, $300,000 in order to avoid paying the full stamp duty? I’m guessing ther have laws around that though?

Thanks  

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Yes there is the market value substitution rule which means that stamp duty is charged on the contract price OR market value, whichever is the greater. Section 20 of the Duties Act 2000 (Vic): http://www.austlii.edu.au/au/legis/vic/consol_act/da200093/s20.html  

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Bummer! Thanks Aaron  

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you should never suggest "avoid" in the same sentence as tax because it is what sends you to gaol.  

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Legally minimise????  

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I suspect there may be a stamp duty exemption for inheritance but dont know other tax implications.  

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Ausprop said: ↑
you should never suggest "avoid" in the same sentence as tax because it is what sends you to gaol.Click to expand...
especially where state duties are involved ?

ta
rolf  

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Ausprop said: ↑
you should never suggest "avoid" in the same sentence as tax because it is what sends you to gaol.Click to expand...
Well, Ill just keep my fingers crossed that Somersoft isnt currently under surveillance by the ATO....  

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jackbak said: ↑
Well, Ill just keep my fingers crossed that Somersoft isnt currently under surveillance by the ATO....Click to expand...
SRO you mean. In any case, it's not a crime as there is no actus reus ;)  

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If you were married to her.......  

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Stamp duty is a *****. Maybe you should marry the mother in law, would be less painful. $2m results in a hefty amount of duty......  

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