Stamp duty

[steve851]

Not sure where to put this question. But , here goes..... If someone buys an unregistered Mustang which has been imported by the seller and has all of the appropriate documentation. The buyer decides to restore the vehicle and takes, say 3 years to do it. So, along comes the time to register it. Obviously some sort of stamp duty has to be paid. Would the stamp duty be payable at the original purchase price or the post restoration estimated value?

[JC074]

Market value of restored vehicle...

[mikes68]

It will be calculated at the current value of the vehicle post restoration.

Eg Buy and import it for 10k. Restore it and go for rego it gets valued at say 40k then the stamp duty is paid on 40k!!!

[steve851]

So the smart option is to attempt to register it prior to restoring it, or does it not work like that?

[tim_morrison82]

i saw someone who paid some ridiculously small amount for his car 10 years ago and only had to pay stamp duty on the original purchase price. i saw it on here or on the moca forum in the last 12 months.

so it does happen, but it could be up to the discression of the teller at the time...

[JC074]

The trick would be to get it licensed and trf'd into your name asap... then as you add value to it the DPi wont be able to retrospectively charge the Stamp duty..

But if its a roller, and point blank not road worthy... forget it

[mwizz]

I thought there was no stamp duty payable on a historic registration. I didn't pay any when I bought my car which was already on historic rego here in SA.

[steve851]

Thanks a bunch for the info guys

[JC074]

Pm me Steve if you need to know anything in more detail

J

[ponyride]

It's a very interesting question. I wonder if there is a market value for these cars, there are so many variables it would be very difficult to come up with one. I suspect it might be more along the lines of what Tim mentioned, ie a value calculated on what is documented and provable, even though the info is several years old. Also, how can anyone prove that the condition the car is in now is not the condition it was in when you bought it? I don't think the onus would be on you, it would be on Licensing.

But if that's not the case and somehow tax, er sorry "stamp duty" is placed on the improved value then it's worth knowing. Anyone who's going to do a resto on an unregistered car would be wise to pay duty before it's restored, assuming it was roadworthy.

[S[_]SPECT]

i saw someone who paid some ridiculously small amount for his car 10 years ago and only had to pay stamp duty on the original purchase price...

http://www.mustangtech.com.au/Forums/vi ... rt=54.html

[tim_morrison82]

i saw someone who paid some ridiculously small amount for his car 10 years ago and only had to pay stamp duty on the original purchase price...

http://www.mustangtech.com.au/Forums/vi ... rt=54.html

[Nuts]

In the ACT, Rego authorities just want to see a receipt for the purchase. One known local registered his recently restored Boss 302 and only had to pay the low US purchase price, and that was in US dollars. Bargain..

[m67gl]

when I registered mine they wanted to see the original receipt from the US owner. then calculated the Stamp Duty without the currency conversion. Worked out in my favour due to rate at the time.

[dalex]

In Vic the Club Permit Scheme avoids the stamp duty on purchase price, if it is full registration you need to show some form of receipt and like any used car registration they will keep you honest if you understate.