Buyers wait until stamp duty cut
IPSWICH home buyers who have delayed signing on the dotted line for their new property until after July 1 may not reap the benefits of the Queensland Government's stamp duty cut.
The Office of State Revenue has declared any attempts to dodge the stamp duty will not go unnoticed and the tax will be imposed if an agreement can be proved.
The Newman government announced it would reinstate a $7000 stamp duty concession in April.
Since then, Ipswich real estate agents have reported buyers holding off dating the paper work until July 1 in a bid to avoid the tax.
An OSR spokesman said if a claim had been incorrectly made, which included an arrangement met prior to July 1, the State Government would charge transfer duty at the non-concessional rate.
"The OSR has an active compliance program which, in the case of the home concession, will focus on ensuring that all claims are eligible for the concession," the spokesman said.
"The person may then have to pay unpaid tax interest on the duty shortfall, and they could also be liable for penalty tax depending on the circumstances."
PRD Nationwide principal Peter Mendoza said he received advice from solicitors for home buyers to avoid engaging with potential sellers until after July 1.
Mr Mendoza believed the investigations would centre around the sellers, rather than the buyers of the property.
"I believe they will be asking the sellers. There's no skin off the sellers' nose and they have no reason to lie," he said.
"We expect July to be our strongest month of the year, but the proof will be in the pudding."
Mr Mendoza said backdating the stamp duty would not affect many Ipswich home buyers, with stamp duty already waived for first-home buyers and investment properties.