Skip to content Skip to main navigation

Lifestyle

Get RSM on your side at tax time.

Stamp duty schmozzle

By johnboy - 16 March 2013 5

The ABC is explaining Thursday’s Supreme Court decision on stamp duty which is going to have some knock on effects:

The ACT Government could be liable to pay back hundreds of thousands of dollars to home and land buyers after a landmark Supreme Court ruling.

A young couple who bought a block of land at Crace in Canberra’s north for $81,000 say they were promised as first home buyers that they would only need to pay a stamp duty of $20.

But their lawyer Allan Nelson says that is not what their bill came to.

“They got one great shock when later in the year it was assessed at almost $17,000,” Mr Nelson said

Yesterday the Liberals’ Brendan Smyth was asking what happens now:

“The Government needs to detail:

— How many people could be entitled to a similar stamp duty refund?
— How much will these refunds cost the ACT Government?
— And how was it that conflicting advice was given to eligible concession homebuyers?

It would be nice to think the Government had answers.

What’s Your opinion?


Post a comment
Please login to post your comments, or connect with
5 Responses to
Stamp duty schmozzle
cbrjoe 10:03 am 27 Mar 14

As one of those affected, I can confirm that interest on the refund was also paid. at a rate of about 4.5% P.A…

Where can I find these blokes who battled them to buy them a beer? 🙂

milkman 9:29 pm 22 Mar 14

basketofcat said :

For those that have received refunds, was there any additional interest paid? they’ve had the number for a few years now…

and would that interest be taxable?

I had the ATO hold up my refund the year before last while they queried some of my affairs, and when they paid the refund they paid interest due to the delay. Last year my return had to declare the interest and pay tax on it as income.

basketofcat 9:05 pm 22 Mar 14

For those that have received refunds, was there any additional interest paid? they’ve had the number for a few years now…

and would that interest be taxable?

PantsMan 12:27 pm 16 Mar 13

The ACT Revenue Commissioner should be sacked.

The only positive thing it the Katy’s finally seen the light and put all the defects into the Commerce and Works Directorate to try and quarantine the damage.

caf 10:57 am 16 Mar 13

Note that the decision was not on the basis of the conflicting advice. The people in question had bought a house-and-land package, and were assessed stamp duty on the basis that they’d bought both a house and land. The court ruled that since there were separate contracts, they had instead bought the land and built the house, so stamp duty was only payable on the land.

Related Articles

CBR Tweets

Sign up to our newsletter

Top
Copyright © 2017 Riot ACT Holdings Pty Ltd. All rights reserved.
www.the-riotact.com | www.b2bmagazine.com.au | www.thisiscanberra.com

Search across the site