What Sellers Must Declare on Their Stamp Duty Form

Sellers don’t have to pay Stamp Duty when they sell land, but they do have to declare information about the land that they’re selling on their Land Transfer Duty Form.  This includes:

• What is the property type – e.g. residential, commercial, industrial or farm.
• Are you related or associated to the buyer(s)?
• Is the land being transferred consequent to a sale contract?
• What was the sale price, and the deposit, if applicable?
• Did the price include GST?  If not, why?
• Is there a sale of business or a sale of goods related to the property sale?
• Is there a sale of water rights?.
• Is there another transfer of land which forms substantially one arrangement with this sale, and thus the transfers should be aggregated in accordance with section 24 of the Duties Act 2000?
• Is the sale subject to an off-the-plan concession, in which the construction costs incurred since the Day of Sale are not dutiable?

If you have any property conveyancing concerns, contact Glenferrie Conveyancing on 03 9815 2351 for more information.