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stamp duty
what has everyone claimed there car cost as I have to pay mine tomorrow & was asked what cost was the car to build for STAMP DUTY for rego
do I tell them the real cost to build OR what cost I told the wife it cost to build ROB **)**)**)**) |
Yeah, that's probably not a question I'd put on the forum Rob :-)
Just saying.... |
This is copy and paste from the QLD transport website for registering a new vehicle.
I guess that you consider a first registration a new registration, as this vehicle does not have a list price. Vehicles without a list price You pay duty on the highest of the: purchase price—this includes deposit, trade-in allowance, dealer delivery fees, warranties and price of all optional equipment or market value of the vehicle. The market value is the amount the vehicle might reasonably be sold on the open market. So, market value could be interpreted as being what price could you sell the vehicle in the market 'today'. Terminology here is 'SOLD' , not advertised for 12 months and not sold. Here is a link the the QLD website anyway. https://www.osr.qld.gov.au/duties/ve.../index.shtml#a |
I said $50,000.
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What's your insurance cover say?
Its a curious question... because I know what mine cost, but I also know what mine would cost to replace.... those figures aren't the same.... Also how does one add personal labour costs into the equation? Lotsa variables... |
You don't add personal labour, your labour is worth nothing when you try to sell it, just ask your insurance company. The figure is what it would SELL for, not replacement build cost.
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Quote:
What about hired labour costs? How does this affect someone in the business ie: mechanic or auto elec who is building a cobra? As to what it would sell for... well that's debatable, yes? There'd be an upper and lower limit on those figures No? Could get rather grey I guess... :o |
Yeah I would think it could get rather grey, but I think the point is to be in the ballpark - if similar cars are going for, say, 50-75, then you wouldn't declare a value of 30 and hope to get away with it, or be prepared to explain and prove why.
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When you drive through VicRoads in an ugly grey gelcoat car they have no trouble agreeing with $30k. Trust me. :D
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Go club rego first if you can (no stamp duty) then the next day transfer it to full rego (no stamp duty as it is already in your name).
I did not do this when I registered mine, but I have heard of some that have (outside of Cobras) When I payed mine, I added the cost of parts only ($32k) |
I quoted what it had actually cost me to build to that point.
This was $30K and the same as Sambo, unfinished, unpainted, no trim so what I probably might have got for it if I'd advertised at that time. |
I produced receipts for most of the major items: Chassis, Engine Trans Wheels etc and they agreed on a value of about $35K from memory. The car was flat black and not very pretty.
It's a bit of a grey area. After the car is painted and trimmed it's value will go up markedly. You could probably justify the increase in value based on improvement made post registration. Cheers |
What do you want your insurance company to pay you?
I know of a guy that said he paid $5000 for a $20000 four wheel drive. The car was stolen and burnt out about a month later. Guess how much the insurance company said the car was worth? You win some you lose some I suppose...:rolleyes: |
hi guys
WELL YES I AM OFFICALLY REGOED AT12.20PM TO DAY stamp duty was a good one none could give a defined answer so they said what did the kit cost originally at first purchase 25k I told them so stamp was on that so I rang shannons to ask the question [[ was told if its insured for 55k that what its insured for ] & not what the stamp duty was ssssooosooo im REGOED SEEYOU ON THE ROADS TILL PAINT rob |
Good to hear, now go and enjoy it.
Go slow for a while till you get used to the loud pedal, don't want any dogs running out in front of you at roundabouts. |
Congratulations Rob, That's great news!
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Awesome stuff, another Cobra on the road!
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Woo hoo :)
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Well done Rob! Congrats!
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Stamp duty
Thankyou pommy kit car rego laws. My car was imported from England where the car takes on the description of the donor car. So my Cobra is a rebodied 1974 Jag Xjs.When registered in Australia I only had to pay the bluebook value of a 74 Jag:)
Cheers, Bryan |
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