jamjar Posted May 14, 2012 Share Posted May 14, 2012 Hi I have read a lot of posts saying that the new houses can get pretty expensive once you start doing all the upgrades - in fact they can very quickly get up to the $100,000 mark. Does any body know if you buy a house at $499,000 (generally below the stamp duty level for most states) and do a $100,000 of upgrades with the builder. Bringing it up to $599,000 - do you have to pay stamp duty now or can some how work it that you avoid it as the house was origianally below the $500k Thanks Link to comment Share on other sites More sharing options...
jamjar Posted May 14, 2012 Author Share Posted May 14, 2012 Anybody? Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted May 14, 2012 Share Posted May 14, 2012 Why don't you ask the builder mate and then check with the solicitor who will be handling your paperwork. I thought it was paid at the $500k mark as well. Link to comment Share on other sites More sharing options...
jamjar Posted May 14, 2012 Author Share Posted May 14, 2012 Why don't you ask the builder mate and then check with the solicitor who will be handling your paperwork. I thought it was paid at the $500k mark as well. Not there yet, just trying to do some costing, hopefully someone who has been through the process will be along soon cheers Link to comment Share on other sites More sharing options...
jamjar Posted May 15, 2012 Author Share Posted May 15, 2012 Nobody?? Link to comment Share on other sites More sharing options...
Freckleface Posted May 15, 2012 Share Posted May 15, 2012 Hi I have read a lot of posts saying that the new houses can get pretty expensive once you start doing all the upgrades - in fact they can very quickly get up to the $100,000 mark. Does any body know if you buy a house at $499,000 (generally below the stamp duty level for most states) and do a $100,000 of upgrades with the builder. Bringing it up to $599,000 - do you have to pay stamp duty now or can some how work it that you avoid it as the house was origianally below the $500k Thanks Have a play around on this calculator - it should help. Be aware that stamp duty varies from state to state. http://www.echoice.com.au/mortgage/home_loans?pn=/info/home_loan_calculators/stamp_duty.html Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 15, 2012 Share Posted May 15, 2012 Hi Jamjar What state are you referring to specifically? Andy Link to comment Share on other sites More sharing options...
jamjar Posted May 15, 2012 Author Share Posted May 15, 2012 Hi Jamjar What state are you referring to specifically? Andy WA - Perth Link to comment Share on other sites More sharing options...
winter1 Posted May 15, 2012 Share Posted May 15, 2012 calculator shows just how much Victoria is a rip off!! Link to comment Share on other sites More sharing options...
jamjar Posted May 15, 2012 Author Share Posted May 15, 2012 :-) It's all a rip, hence the reason I am asking if there is anyway to avoid or reduce it. Link to comment Share on other sites More sharing options...
Freckleface Posted May 15, 2012 Share Posted May 15, 2012 :-) It's all a rip, hence the reason I am asking if there is anyway to avoid or reduce it. If you build the stamp duty will be reduced significantly. However, building can sometimes cost more than purchasing an existing property so you may end up spending more anyway. Perhaps it is just one of those things you are going to have to pay if you want a home of your own. Link to comment Share on other sites More sharing options...
Gethsemene Posted May 15, 2012 Share Posted May 15, 2012 IIRC you have to pay stamp duty on he land only BUT you would then have to pay GST on the house build.... This is why accountants exist I'm afraid to work out how to dodge as much tax as possible (legally) Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 16, 2012 Share Posted May 16, 2012 Hey Jamjar This will help http://www.finance.wa.gov.au/cms/content.aspx?id=2011 Link to comment Share on other sites More sharing options...
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