Welcome Guest! To enable all features please Login or Register.

Notification

Icon
Error

Login


Take the time to read our Privacy Policy.

XX7Q Offline
#1 Posted : Wednesday, 21 March 2018 7:18:43 PM(UTC)
XX7Q

Rank: Member

Reputation:

Groups: Registered
Joined: 18/07/2014(UTC)
Posts: 71

Thanks: 15 times
Was thanked: 1 time(s) in 1 post(s)
I am buying a car which is on non transferable NSW Club Rego, the plates will be handed in by the current owner I plan to put the vehicle on full rego my question is do I have to pay the stamp duty on the purchase fee for a vehicle which I would have thought is no different to an unreg vehicle but people are telling me different , I realise I will need to get a blue slip green slip then pay for reg no mods so no engineers involved
Dr Terry Offline
#2 Posted : Wednesday, 21 March 2018 9:34:46 PM(UTC)
Dr Terry

Rank: Veteran

Reputation:

Groups: Moderator, Registered
Joined: 1/03/2005(UTC)
Posts: 5,798

Thanks: 1 times
Was thanked: 139 time(s) in 128 post(s)
I thought that stamp duty would be paid when you go to register it for full rego. When you buy an unregistered car, the RMS aren't involved, it's just a private deal with a bill of sale & a cash receipt.

AFAIK unless you can prove that you already owned it (i.e had old rego papers in your name) you will pay stamp duty when you take your Blue slip to the RMS. Just like buying a new car.

Dr Terry
If at first you don't succeed, just call it Version 1.0
Silverfox Offline
#3 Posted : Wednesday, 21 March 2018 10:02:06 PM(UTC)
Silverfox

Rank: Member

Reputation:

Groups: Registered
Joined: 24/11/2008(UTC)
Posts: 431

Thanks: 2 times
Was thanked: 1 time(s) in 1 post(s)
Terry is correct.

Club rego is not transferrable and the car will be sold with no plates. They must be returned.To get club rego for your car you need to join a club which is in the scheme. So you pay your membership and get limited use of your vehicle. It is currently sixty days per year plus official club runs/outings. Our club does several each year which are like a tour sometimes being a week or two. They attend other clubs outings/meetings etc. 60 days is actually a fair bit of use. I have several on it so if you have several cars you get 60 days for each. If it is not a daily drive I reckon you will be hard pushed using all of it. There is no stamp duty when your car goes under that scheme. I think it is pretty OK. If you go for full rego you will pay stamp duty, CTP and rego which will add up to much more than living with what many see as a good scheme for classic car owners. No need to notify Govt of your purchase with no rego. They will know when you join the club and get limited rego. Hope this info helps.
Nick
"HOLDEN MONARO. OUT TO DRIVE YOU WILD!"
XX7Q Offline
#4 Posted : Thursday, 22 March 2018 9:02:09 AM(UTC)
XX7Q

Rank: Member

Reputation:

Groups: Registered
Joined: 18/07/2014(UTC)
Posts: 71

Thanks: 15 times
Was thanked: 1 time(s) in 1 post(s)
Originally Posted by: Silverfox Go to Quoted Post
Terry is correct.

Club rego is not transferrable and the car will be sold with no plates. They must be returned.To get club rego for your car you need to join a club which is in the scheme. So you pay your membership and get limited use of your vehicle. It is currently sixty days per year plus official club runs/outings. Our club does several each year which are like a tour sometimes being a week or two. They attend other clubs outings/meetings etc. 60 days is actually a fair bit of use. I have several on it so if you have several cars you get 60 days for each. If it is not a daily drive I reckon you will be hard pushed using all of it. There is no stamp duty when your car goes under that scheme. I think it is pretty OK. If you go for full rego you will pay stamp duty, CTP and rego which will add up to much more than living with what many see as a good scheme for classic car owners. No need to notify Govt of your purchase with no rego. They will know when you join the club and get limited rego. Hope this info helps.
Nick


Just so i have this straight , I know I pay stamp duty on new registration thats a given the part I am still not clear on is the stamp duty on the purchase/transfer of a car which was previously on club rego but is sitting in my shed unreg , do i pay stamp duty on the actual purchase price even though its not a registered vehicle??
HK1837 Online
#5 Posted : Thursday, 22 March 2018 9:22:34 AM(UTC)
HK1837

Rank: Veteran

Reputation:

Groups: Moderator, Registered, Veteran
Joined: 1/03/2005(UTC)
Posts: 13,861

Thanks: 1 times
Was thanked: 313 time(s) in 302 post(s)
I think that is right, stamp duty is on purchase price OR market value, whichever is higher. I face the same dilemma when I go to register any of my HK GTS's. I've owned them since the late 80's to early 90's when a whole GTS327 was $2000. The yellow car was an ex speedway car and I paid stuff all for it, and I still have the receipt from 1991 or whenever it was. So when I register it in 202x what is the market value then? I can argue that I bought all the parts, and the body was almost free, which is the only part that can on paper be transferred in ownership to me other than the BBC engine block which I got for free as it spun a bearing. It is to have a BBC in it so I doubt it can go on club rego, so will have to be regoed. Always been a point of contention in NSW.
_______________________________________________________
If we all had the same (good) taste, who would buy all the Fords?
Dr Terry Offline
#6 Posted : Thursday, 22 March 2018 10:21:22 AM(UTC)
Dr Terry

Rank: Veteran

Reputation:

Groups: Moderator, Registered
Joined: 1/03/2005(UTC)
Posts: 5,798

Thanks: 1 times
Was thanked: 139 time(s) in 128 post(s)
Originally Posted by: XX7Q Go to Quoted Post
Just so i have this straight , I know I pay stamp duty on new registration thats a given the part I am still not clear on is the stamp duty on the purchase/transfer of a car which was previously on club rego but is sitting in my shed unreg , do i pay stamp duty on the actual purchase price even though its not a registered vehicle??


As I said, the sale of the car in its unregistered state does not involve the RMS. It is a private sale with a cash receipt, no stamp duty to anybody.

Then when you have your Blue slip & Green slip etc. done, you go to the RMS to register the car, with your proof of purchase receipt in hand & stamp duty will apply then.

Because these 2 transactions will only be a few days or weeks apart so there will be no perceived increase in value over time, as long as the price is 'real'.

Dr Terry
If at first you don't succeed, just call it Version 1.0
wbute Offline
#7 Posted : Thursday, 22 March 2018 10:21:23 AM(UTC)
wbute

Rank: Veteran

Reputation:

Groups: Registered
Joined: 25/01/2010(UTC)
Posts: 1,018

Thanks: 1 times
Was thanked: 15 time(s) in 14 post(s)
You only pay stamp duty when you go to register it. Otherwise the RMS have absolutely no idea you even bought it. They just get the club plates handed back in,the same as if it had just run out of rego.
Stamp duty will be based on market value or the purchase price, which ever is higher.
I go through this every time I get motivated and get my WB re-registered. They want to know what I paid for it, I say I have owned it since 2000. They wave the stamp duty because it has been previously registered in my name.
As for HK’s Monaro, it should be based on what you paid for it all those years ago.
Sandaro Offline
#8 Posted : Thursday, 22 March 2018 4:32:47 PM(UTC)
Sandaro

Rank: Member

Reputation:

Groups: Registered
Joined: 3/10/2015(UTC)
Posts: 230

Thanks: 1 times
Was thanked: 23 time(s) in 22 post(s)
I'm talking NSW here, I don't think it matters whether it is full rego or club/historic rego, they'll hit you up for stamp duty first time you register it in your name, unless you can prove you've had the car previously registered in your name (in another state is acceptable) because you've then paid stamp duty already on it.

I agree HK on Stamp duty being unfair re the value after you restore it. Only way around this (wouldn't help with an ex speedway shell) but if the car you buy is on its last legs, nearly out of rego, destined for a costly resto, don't just park it in the shed, spend the $$ to transfer it and pay stamp duty on it crappy value, then its registered as yours for the future. Bring it out in 20 years time fully restored worth $100k, show the old rego papers and be exempt as WB said
commodorenut Offline
#9 Posted : Thursday, 22 March 2018 5:36:34 PM(UTC)
commodorenut

Rank: Veteran

Reputation:

Groups: Moderator, Registered, Veteran
Joined: 2/03/2005(UTC)
Posts: 3,135

Thanks: 1 times
Was thanked: 35 time(s) in 33 post(s)
Historic rego doesn't incur the stamp duty. The same car can be sold (unreg'd) and put on club rego by the new owner, then sold to another owner etc many times over, and it will never incur stamp duty whilever it stays on club reg, or unregistered.

It's only when someone wants to put it on full rego that stamp duty is then charged.

This is one of the contributing factors to the muscle car boom - investors could buy & sell for profit, without copping any taxes or duties.


Be careful with the value you do put down on the declaration if you go to put it on full rego.
When I bought the Group A, the RMS lady said "I think you put too many zeros, a VL is only worth $xxxx according to our guide."

Now it might have been tempting to put down a low value, which wouldn't be noticed on their books, as the model code simply identifies it as a VL base model - there's nothing in the chassis number that tells them it's a Group A, so they have no way of knowing.

However, when I went to get the insurance done, I was asked by the underwriter what I really paid for it, and what I put on the RMS form. He told me "don't lie, we're all linked up now, so if you only paid $xyz, that's all we'll insure it for in the first 12 months."

So the risk there, is if you understate the value to the RMS, and you need to claim on your comprehensive rego, the insurance company can find out that info, and either deny your claim, or underpay.
Cheers,

Mick
_______________________________________________________________

Judge a successful man not on how he treats his peers, but on how he treats those less fortunate.
HK1837 Online
#10 Posted : Thursday, 22 March 2018 5:47:21 PM(UTC)
HK1837

Rank: Veteran

Reputation:

Groups: Moderator, Registered, Veteran
Joined: 1/03/2005(UTC)
Posts: 13,861

Thanks: 1 times
Was thanked: 313 time(s) in 302 post(s)
How does it work though where one paid $1000 for a car in 1990, stored it and first regoed it today? I know it says purchase price OR market value, but is it:

Purchase price?
Purchase price indexed?
Market value in 1990?
Market value indexed?
Market value today in the condition it was in 1990?
Market value in its condition today (as in restored OR deteriorated)?
_______________________________________________________
If we all had the same (good) taste, who would buy all the Fords?
wbute Offline
#11 Posted : Thursday, 22 March 2018 6:31:35 PM(UTC)
wbute

Rank: Veteran

Reputation:

Groups: Registered
Joined: 25/01/2010(UTC)
Posts: 1,018

Thanks: 1 times
Was thanked: 15 time(s) in 14 post(s)
Who knows but you are going to pay some tax on the car if you fully register it. Which is what the OP asked.
Why would the insurance company want to know if you dodged a bit of tax? They should have no reason to rely on the rego authority to value a classic car.
I guess on the other hand if you enjoy the way that classic cars have gone up in value, you can’t complain about paying a bit of extra one off stamp duty to register it. It’s chicken feed compared to panel and paint tax.
HK1837 Online
#12 Posted : Thursday, 22 March 2018 7:34:34 PM(UTC)
HK1837

Rank: Veteran

Reputation:

Groups: Moderator, Registered, Veteran
Joined: 1/03/2005(UTC)
Posts: 13,861

Thanks: 1 times
Was thanked: 313 time(s) in 302 post(s)
Can’t call it a tax! Or it would have been removed with GST introduction!
_______________________________________________________
If we all had the same (good) taste, who would buy all the Fords?
XX7Q Offline
#13 Posted : Thursday, 22 March 2018 8:13:18 PM(UTC)
XX7Q

Rank: Member

Reputation:

Groups: Registered
Joined: 18/07/2014(UTC)
Posts: 71

Thanks: 15 times
Was thanked: 1 time(s) in 1 post(s)
Originally Posted by: commodorenut Go to Quoted Post
Historic rego doesn't incur the stamp duty. The same car can be sold (unreg'd) and put on club rego by the new owner, then sold to another owner etc many times over, and it will never incur stamp duty whilever it stays on club reg, or unregistered.

It's only when someone wants to put it on full rego that stamp duty is then charged.

This is one of the contributing factors to the muscle car boom - investors could buy & sell for profit, without copping any taxes or duties.


Be careful with the value you do put down on the declaration if you go to put it on full rego.
When I bought the Group A, the RMS lady said "I think you put too many zeros, a VL is only worth $xxxx according to our guide."

Now it might have been tempting to put down a low value, which wouldn't be noticed on their books, as the model code simply identifies it as a VL base model - there's nothing in the chassis number that tells them it's a Group A, so they have no way of knowing.

However, when I went to get the insurance done, I was asked by the underwriter what I really paid for it, and what I put on the RMS form. He told me "don't lie, we're all linked up now, so if you only paid $xyz, that's all we'll insure it for in the first 12 months."

So the risk there, is if you understate the value to the RMS, and you need to claim on your comprehensive rego, the insurance company can find out that info, and either deny your claim, or underpay.


Interesting yes no doubt I have the same dilemma Red Book value for EK van says just under 2k there are two for sale that I know of and are 35-40k both standard same as mine, I am probably around the middle of the valuation price and the two for sale , maybe I go a bit lower and see how I go and argue with Shannons I have made improvements to get it registered and got the car cheap to start with though I have been down that path before with Shannons 2 years ago bought a 2011 Gold R from a good friend of ours female driver, low klms, non smoker no kids or pets, was in business name so always serviced and washed garaged etc. I paid the trade price 23k she was given on a new BMW I tried to get Shannons to insure it for 30k no way could I have replaced it for less at the time, no dice they would not come to the party I argued my point of replacement cost and even though I had another 2 cars with them they still said no APIA insured me in a heartbeat first time dealings with them they were great.
Sandaro Offline
#14 Posted : Thursday, 22 March 2018 9:11:10 PM(UTC)
Sandaro

Rank: Member

Reputation:

Groups: Registered
Joined: 3/10/2015(UTC)
Posts: 230

Thanks: 1 times
Was thanked: 23 time(s) in 22 post(s)
Thanks Commodorenut, you're right re no stamp duty on concessional rego.

And good advice on not lying on rms declaration re value. The first place insurance look when disputing a claim. Since you are required to declare the higher of the price you pay or the value, if you put down $2k on rms stat dec form and tell insurance that you paid $20k, you're lying to one or the other. Insurance can refuse claim if 'you haven't been honest with us'.

You say 'I have been honest with you, I really did pay $20k' and they say, 'Remember Marcus Ifield?, he lied on his stat dec too'
XX7Q Offline
#15 Posted : Thursday, 22 March 2018 9:29:42 PM(UTC)
XX7Q

Rank: Member

Reputation:

Groups: Registered
Joined: 18/07/2014(UTC)
Posts: 71

Thanks: 15 times
Was thanked: 1 time(s) in 1 post(s)
Originally Posted by: Sandaro Go to Quoted Post
Thanks Commodorenut, you're right re no stamp duty on concessional rego.

And good advice on not lying on rms declaration re value. The first place insurance look when disputing a claim. Since you are required to declare the higher of the price you pay or the value, if you put down $2k on rms stat dec form and tell insurance that you paid $20k, you're lying to one or the other. Insurance can refuse claim if 'you haven't been honest with us'.

You say 'I have been honest with you, I really did pay $20k' and they say, 'Remember Marcus Ifield?, he lied on his stat dec too'


Definitely some merit in what you say but most people fudge the numbers with private purchase prices not by tens of thousands but they still are not 100% truthful perhaps if the RMS didnt continue to rip people on things like personalise plates compared to other states some people might not have that the mentality of trying to get some coin back.
Pharris Offline
#16 Posted : Tuesday, 27 July 2021 6:16:50 AM(UTC)
Pharris

Rank: Newbie

Reputation:

Groups: Registered
Joined: 25/05/2021(UTC)
Posts: 1
United Kingdom
Location: London

That's a nasty situation. All this bureaucracy is killing me. I recently bought an old Toyota Supra, and I also had to follow all these steps, so I understand. By the way, does anyone knows a suitable workshop where I can restore my car? Because everything I found related to old cars was a website of a retro car museum https://www.greatbritishcarjourney.com/.So if someone is willing to give me a hand, I will be grateful. Just feel free to text me. I will appreciate any help you can provide.

Edited by user Wednesday, 28 July 2021 11:36:44 PM(UTC)  | Reason: Not specified

AmeliakRyanare User is suspended until 19/03/2046 7:22:21 AM(UTC)
#17 Posted : Wednesday, 28 July 2021 6:17:37 AM(UTC)
AmeliakRyanare

Rank: Newbie

Reputation:

Groups: Registered
Joined: 28/07/2021(UTC)
Posts: 1
United Kingdom
Location: Los Angeles

I am sure you can find a car alike at the same price with the same engine that gets stamp duty for club rego.
LucyarConn User is suspended until 19/03/2046 7:22:01 AM(UTC)
#18 Posted : Wednesday, 28 July 2021 6:26:57 AM(UTC)
LucyarConn

Rank: Newbie

Reputation:

Groups: Registered
Joined: 28/07/2021(UTC)
Posts: 1
United States
Location: los angeles

As far as I know that the Club Rego cannot be transferred and the car will most likely be sold with out the plates number.
Users browsing this topic
Guest (3)
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.

Powered by YAF | YAF © 2003-2021, Yet Another Forum.NET
This page was generated in 0.545 seconds.