We act for a first home buyer who is a pensioner. His Dad is gifting him the purchase price and we are instructed that there is a verbal agreement with the father to pay him an amount per fortnight into a trust account which will be used to pay for outgoings such as body corporate fees, rates and water. Do you think our client is eligible for a stamp duty concession?
Thank you for the question.
The following is an extract from the By Lawyers Purchase of Real Property (QLD) commentary:
Home concession
For contracts dated on or after 1 July 2012 a home concession on transfer duty is available. To be eligible the buyer must occupy the home as their principal place of residence within one year of the date of transfer and not dispose of part or all of the property before moving in or within one year of moving in.
First home concession
… a first home buyer may be eligible for the First home concession if they:
− have never held an interest in residential property anywhere in the world;
− have never claimed the first home vacant land concession;
− will occupy the home as their principal place of residence; and
− are at least 18 years of age, however the Commissioner may waive this requirement in special circumstances.
The information provided in the question does not disqualify the purchaser from either of the above concessions.
However, the property may affect the purchaser’s pension. See the Assets test page on the Services Australia website.
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