Do We Have to Pay Extra Stamp Duty? Investment/Live-in QLD

• 

  BillyStm on 03/01/2023 - 15:25

  +4

  Well you would no longer meet the crtiteria for the concession so isn't the answer obvious?

• 

  Worf on 03/01/2023 - 15:37

  +9

  perhaps you could ask the tenant to vacate the property earlier and give them a financial incentive to do so… split the difference.

  • 

    Pelicannn on 03/01/2023 - 18:29

    Yep. I’d be doing this. Half a bird in your hand is better than 100% of the bird in the governments.

  • 

    Worf on 03/01/2023 - 18:57

    +1

    Another thought… if tenants don’t want to move out, can they move out on paper. They still live there IRL but documents say otherwise? Although the first option would be cleaner (I.e., without fraud)

  • 

    Legolas on 04/01/2023 - 03:32

    Thanks for the advice and will think of the incentive.

    • 

      Sleeqb7 on 04/01/2023 - 09:40

      +1

      For the record, the rental situation in QLD is a nightmare currently. There are a lot of reports of people simply not being able to find places to rent, so I wouldn't hold your breath about someone accepting an early move.

      • 

        Legolas on 04/01/2023 - 14:03

        Thanks for the heads-up. The tenant have two small children and they need a good and secure unit to move in.

• 

  EightImmortals on 03/01/2023 - 15:57

  -3

  Don't tell them. If you have already bought the unit then it's yours and any further theft by the government is on them to follow up (IMO).

• 

  Meho2026 on 03/01/2023 - 16:03

  +1

  Have you stuffed up and the tenants 60 day notice period eats in to your 6 months?
  If so, you could offer the tenant compensation to move out early. The tenant obviously needs to agree to leave early and the agreement and compensation would need to be put in writing.

  • 

    Legolas on 04/01/2023 - 03:40

    Yes it will be two weeks after the 60th date when the tenant have to leave by. I will think of compensation like bond fee of their new unit.

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  jasonlv87 on 03/01/2023 - 16:10

  +4

  The QRO will pursue you for the full amount. After dealing with them we've found that you must move in within 6 months of settlement or the end of lease, whichever comes first.
  Also don't try to get away with not reporting to the QRO that they are still living there because it gets electronically reported anyway, and if QRO try to claw it back because they've found out themselves they also tack on a 90% penalty tax. They also charge 9% interest from the date of settlement.

  We bought an established house that was rented out with a lease about to expire, which we were going to move into. We let the renters stay an extra 41 days past the end of their lease because their new rental property was suddenly unavailable and they would have been homeless (it was a new build and the builder wasn't handing it over), so in total they were there 3 months from settlement. In that time I was also hospitalised from a serious injury so we would have had to delay our move anyway, so if we forced them to leave at the end of lease the house would have been empty and that family would have been homeless. The QRO didn't care about any of this and demanded close to $8k from us and we had 48 hours to pay, or they'd tack on late payment fees and the interest would compound.

  Don't mess with the QRO. Do whatever you can to move the tenants out and move in before the 6 months are up.

  • 

    EightImmortals on 03/01/2023 - 16:35

    +1

    They are no better than the mob by the sounds of it.

  • 

    Legolas on 04/01/2023 - 03:50

    +1

    Thanks very much for the information. I may talk with the solicitor about the issue who took care of us when we purchased the unit.