– within 1 year after you start to occupy the residence as your home.įailing to notify is an offence – the maximum penalty is an additional $12,615 What should you do? – before you occupy the residence as your home, or do not occupy the residence as your home within 1 year of the transfer date.
You must notify the OSR within 28 days if you: To be eligible for the first home concession: – within 1 year after you start to occupy the residence as your home. – before you occupy the residence as your home or
occupy the residence as your home within 1 year of the transfer date.To be eligible for a concession, you must: When you claim a concession, you are making a formal legal declaration about the truth of your circumstances. Where you buy a residential property as your home, you receive a 15-page document comprising an 8-page claim form and a 7-page information guide! The information guide explains the grounds for your entitlement to claim a transfer duty concession. How we connect with our clients What are your obligations? In addition to the extra duty, failing to notify the OSR of a relevant change of circumstances is an offence – where the maximum penalty is $12,615. Where you were not entitled to the full concession, you may have to pay the difference between the lower amount and the higher amount of transfer duty. No action is required where you have complied with your obligations as a home owner. The OSR state that their “courtesy messages” will direct property buyers to the OSR website where they can refresh their knowledge of their obligations – and take action where necessary. It is expected that the OSR will be reminding home buyers of their obligations where their circumstances change within the relevant time period. For first home buyers up to $500,000, no duty is payable. If the property is a holiday home, it’s treated the same as an investment property. When you buy a residential property to live in as your home, you pay a lower rate of transfer duty compared with what investors would have to pay for the same property. Advantages of a Family Discretionary Trustĭue to the increasing incidences of hi-tech sophisticated fraud, we all know that we need to be cautious when reading emails and text messages – particularly where links are included.Probate or Letters of Administration in Queensland.Why include Testamentary Trusts in your Will.10 reasons why a standard Will is not for you.Tenant Leasing Tips for Commercial & Retail Premises.Selling Commercial Property in Queensland.
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