Browse Forums Building A New House 1 Apr 23, 2009 12:24 am We have been told by our lawyer that our land has been registered and since we have not sign our building contract yet, we'll have to pay stamp duty then claim it back afterward. We are currently doing the final tender so the building contract should be near. Should we pay stamp duty then claim it back? (that's if we can) Just wanted to know what's the best way to approach this. Thanks Wisdom Homes Manhattan 39 Blog - https://edmondson-park.blogspot.com.au H1 Thread - https://forum.homeone.com.au/viewtopic.php?f=31&t=88210 Re: Stamp duty question 3Apr 23, 2009 5:13 am Jordann We have been told by our lawyer that our land has been registered and since we have not sign our building contract yet, we'll have to pay stamp duty then claim it back afterward. We are currently doing the final tender so the building contract should be near. Should we pay stamp duty then claim it back? (that's if we can) Just wanted to know what's the best way to approach this. Thanks thlo Which state are you in? The number 1 question on the forum !!!!!! Seeing as he is building a wisdom i would say its NSW ... Re: Stamp duty question 4Apr 23, 2009 6:28 am NSW Wisdom Homes Manhattan 39 Blog - https://edmondson-park.blogspot.com.au H1 Thread - https://forum.homeone.com.au/viewtopic.php?f=31&t=88210 Re: Stamp duty question 5Apr 23, 2009 8:08 am Jordann We have been told by our lawyer that our land has been registered and since we have not sign our building contract yet, we'll have to pay stamp duty then claim it back afterward. We are currently doing the final tender so the building contract should be near. Should we pay stamp duty then claim it back? (that's if we can) Just wanted to know what's the best way to approach this. Thanks Hi Jordann Do you mean Stamp Duty on the land or house? Land - SD is due when you settle on the land. It has nothing to do with the house. House - There is no SD on building a house. Registration fee's are different. When you register a mortage you have to pay a reg fee but it's only like $500.00ish or something. This is the case in Vic should be the same in NSW. Anyone know? Re: Stamp duty question 6Apr 23, 2009 10:42 am Stamp duty is only payable on the land, not the house, within 3 months of exchange of contracts in NSW (irrespective of land being registered/"titled" and settlement). Are you a first home buyer? If so, you may be exempt from paying stamp duty at all. Not sure what you mean by "claiming it back". The stamp duty concession (FHP) is completely separate from FHOG. Building a Wisdom Homes Impression 33 MkII http://lilypadintheponds.blogspot.com/ We have the keys! Tiling in progress... Re: Stamp duty question 7Apr 23, 2009 10:58 am Yes we are first home owners. I know that stamp duty is for land only, just that my lawyer is telling me I have to pay stamp duty first when we do settlement as we have not sign our building contract, then claim stamp duty back. That is what confusing me as I thought I was exempt as well. Not sure if he is lost or I am Wisdom Homes Manhattan 39 Blog - https://edmondson-park.blogspot.com.au H1 Thread - https://forum.homeone.com.au/viewtopic.php?f=31&t=88210 Re: Stamp duty question 8Apr 23, 2009 11:06 am Jordann as first home buyers you are exempted from paying stamp duty however without any evidence (yet) that you are going to build your primary residence (house). So the government plays it safe by taking your money (stamp duty) then returning it to you when you proof that you are building your house (building contract). Btw I am in the same boat, got the land, paid the stamp duty now waiting for building contract to claim back my stamp duty. Ed Re: Stamp duty question 9Apr 23, 2009 11:16 am Oh OK. How do you actually claim it back? Is there a website of form I could get more information from? Wisdom Homes Manhattan 39 Blog - https://edmondson-park.blogspot.com.au H1 Thread - https://forum.homeone.com.au/viewtopic.php?f=31&t=88210 Re: Stamp duty question 10Apr 23, 2009 11:22 am In NSW, the FHP application form requires you to declare that you intend to build a residential property on the property. It does not require any proof of the same. When we purchased our land, we didn't provide OSR with anything other than a copy of the land contract and transfer, and we were immediately stamped as exempt prior to settlement. Jordann, check out: Wesbite: http://www.osr.nsw.gov.au/benefits/firs ... al/fhplus/ Application form: http://www.osr.nsw.gov.au/lib/doc/forms/oda012.pdf Building a Wisdom Homes Impression 33 MkII http://lilypadintheponds.blogspot.com/ We have the keys! Tiling in progress... Re: Stamp duty question 11Apr 23, 2009 3:31 pm Thanks principessa. This all makes more sense now. Wisdom Homes Manhattan 39 Blog - https://edmondson-park.blogspot.com.au H1 Thread - https://forum.homeone.com.au/viewtopic.php?f=31&t=88210 You can really use anything you want the main consideration would be how it looks once painted/finished - or the look you want. Cabinetmakers use MDF because its cheap… 2 10374 I would say both styles you have pictured are steel. The lower chord of the first pic would be a massive lump if made using timber considering the size of the rafters. If… 1 6434 1 13384 |