State Government notify of stamp duty crackdown
Wednesday, 01 December 2010 14:31
The State Government has notified local Members of Parliament including myself that they propose to have a crackdown on the stamp duty remission given to people on the purchase of their own home or the purchase of a first home.
On the purchase of a property that is proposed for principle place of residence the purchaser has a period of 12 months in which to move in.
If during that time they do not move in, they lease the property or it is sold they lose part of that concession and the government will charge them the difference on a pro rata basis.
I point out three things:-
1. The government has indicated that they will conduct a crackdown and that people purchasing homes are likely to get letters asking them to explain how they have met the residency criteria..
2. The Office of State Revenue has indicated to MPs that “there is no power under the Duties Act 2001 to waive the payment of any additional duty that may be payable in these cases” I thought it was worthwhile to draw this “warning” from the government to the notice of residents.
3. Under the current law it is the obligation of the property owner to notify the Office of State Revenue