Thread: Selling taxes

Anyone exactly what the percentages are for the transfer taxes now.

I know the stamp duty went down from 0.5% to 0.01% and the transfer tax went from 2% to 0.1%.

Also was told the Special Biz Tax went from 3.3% to 0.11% but need to confirm this.

Also need to know if there is personal income tax payable at the land office and if so what percentage rate ??

Thanks if anyone knows.

Well, I can answer my own questions as of today.

Transfered a house today and was a day of dramas.

I will post the fees when I sort them out meself.

That would be really interesting.

everyone lies about how much they have paid, to reduce the taxes, which are proportionate

you can't lie too much though as they have guide prices for land. They often don't take into account the house on the land though! so it is only a land tax

Well, there was much confusion on the day prior and on the day at the land office.

There should not be anywhere near as much confusion.

It started with the real estate agent and their lawyer making contact with the land office to find out the taxes due so we can arrange the cash etc.

Like I trust both parties to do the right thing and not pocket whatever amount they could hoodwink out of us.

To confuse the issues, I had done my own research and calculations and also asked my own lawyer to check for me. My figures and his figures contradicted their figures by a reasonable amount, enough to make you wary and to want to save that large sum rather than just say fcuk it.

It did not help when I arrived at the land office and saw the real estates lawyer and the agent both their, added to this was my lawyer who also brought along a friend and the buyer who brought along his accountant and his bank manager lol. So we was one helluva big contingent.

It did not help at all when I saw the real estate lawyer who was telling me the taxes were so high, looked like the baby sitter in the movie 'cat in the hat' and she wore a bright red dress that looked like she was off to her first prom night and that she stepped out of a nice new red mercedes benz sports car.

I actually got stuck into her within the first 15 minutes, good thing or not, I don't give a toss.

Anyway, my lawyer went with her to check on the fees, he got a further 40k odd reduction in witholding tax which she did not get...this was both a good thing and a bad thing as was to come later.

At the end of the day, someone said something that upset the buyer and he was irate with that party, he was willing to pull out there and then. I had gone away up the road for a coffee waiting for the long winded process to get going. I was called to immediately return.

Its lucky that the buyer is a lovely young hi-so guy and very much likes both myself and my wife and I sorted it out, only requirement was for the person who did the upsetting to leave the premises immediatley....which they did.

Funny thing is that in this country as with any really, but more so here it is who you know and not what you know. The person who upset the apple cart maybe would not have upset the apple cart if he had known that the buyers dad was a supreme court judge.

So, all was done and we ended up apyin the 4 taxes....

Stamp duty 0.01%
Transfer fee 0.1%
SBT 0.11%
Witholding tax at sliding scale of which I have no idea how steep the scales are or the actual percentage.

The total declared price of the property was just under 7 million. The actual price was closer to 3 times that than not. So just goes to show the massive reductions you can do.

The taxes were split around 150k for WHT and 25k for the rest. The WHT was to be around 190k, but we reduced that by paying 50% off the difference under the table.

All in all the taxes and cash and lawyers donations were 186k.

So the bird in the red dress was a liar and tried to con both you and the buyer?

The buyer caused a fuss and she had to leave.

Is that the sum of it? Sounds like a fun day.

Lots of Pain but thanks for the info, very useful.

The buyer did not cause the fuss, the other person did which resulted in the buyer being pissed off for no reason.

Too many cooks !!

Yes for sure.

No but i got her biz card if you need a date for halloween.

We do not practice to deceive here, they are very good at it.

Consider that a money spinning government department openly reduces taxes for you just so you can pay half of that difference into the staffers pockets....and they call Oz the lucky country.