Hi there,
Desperate to seek some urgent advice, my inlaws are here in Brisbane & have been for 7 x weeks now, retirees from the UK in early 70's, they applied for Visa 804 aged parent visa whilst here in Oz and they have been granted the bridging visa, they sold their house in UK in November & looking to buy a property ( existing residence not a new build) fully understand the process with the FIRB and looks like there will be a fee of approx. $6k to be paid for FIRB Process however they are panicking now as they have put in an offer on a existing residence up at Bribie Island, QLD for $525k which looks like being accepted, they plan to reside in the residence themselves, BIG QUESTION PLEASE....... Will they be classed as foreign purchaser with regards to stamp duty which attracts 7% additional duty surcharge I believe? ( AFAD - Additional foreign Acquirer duty) if so based on the value of the property that could be near the $50k region just in stamp duty!!!
PLEASE IF ANYONE CAN HELP US WITH ANY INFO ON THIS THAT WOULD BE SO APPRECIATED, MAYBE A FEW OF YOU HAVE EXPERIENCED THE SAME SCENARIO AND CAN LET ME KNOW, IS THERE ANYWAY AROUND THIS IF THAT IS THE CASE? WOULD IT BE BETTER FOR HOUSE TO BE BROUGHT IN THE TWO DAUGHTERS NAMES WHOM ARE BOTH AUSTRALIAN CITIZENS?
Please comment if you can guide us, in laws having sleepless nights worrying about this!
Thanks in advance so much.
Kind regards
Michael