Missing out on stamp duty concessions?
I realized the other day that some of our clients don't understand if they're entitled to an exemption for stamp duty when they buy a property. We had a husband and wife purchase a property, and naturally, they wanted it in both of their names, that's the normal thing. And we enquired and we found out that the wife had never owned a property before, she was a first home buyer. And so we pointed out that if they bought it together they wouldn't qualify for the first home buyer's exemption or concession, whereas if they just bought it in the wife's name, then they would get that, and then later on a husband, or in this case the wife, can transfer the property free of duty to the husband and wife jointly without any further stamp duty. So we saved our clients quite a lot of money and they didn't have to pay the duty.
In this 2-minute video I share the exemptions you may be entitled to whether you are a pensioner, have a trust, or have a farm property – you may be able to save money!
If you've got any questions about buying property or stamp duty concessions or exemptions, don't hesitate to contact Millens.
Know a colleague, friend or family member who could benefit from this video please share.
VIDEO TRANSCRIPT
Ross Millen:
Hi. I realized the other day that some of our clients don't understand if they're entitled to an exemption for stamp duty when they buy a property. This came about because we had a husband and wife purchase a property, and naturally they wanted it in both of their names, that's the normal thing. And we enquired and we found out that the wife had never owned a property before, she was a first home buyer. And so we pointed out that if they bought it together they wouldn't qualify for the first home buyer's exemption or concession, whereas if they just bought it in the wife's name, then they would get that, and then later on a husband, or in this case the wife, can transfer the property free of duty to the husband and wife jointly without any further stamp duty. So we were able to save our clients quite a lot of money and they didn't have to pay the duty.
So there are lots of exemptions and concessions you can apply for. Pensioners can get an exemption. Also, if you're transferring a property out of a trust over to the beneficiary of the trust, provided you tick all the boxes, you can get that stamp duty exempt. We've also done farm transfers where a property is coming out of a partnership or a trust, or some other structure like that, out to the actual farmer, and in that case there are also exemptions. So don't pay too much duty. If you're in doubt, give us all the details, we can analyze the situation for you, and we can let you know whether you're entitled to stamp duty exemptions when you purchase properties.
So I'm Ross Millen from Millens, and if you've got any questions about buying property or stamp duty concessions or exemptions, don't hesitate to contact us. Thank you.
