Thanks, I will close before end March.Yes, if you close before end of March you'll pay stamp duty for this year. But if you keep and close in May for example, you'll pay it again.
Stamp duty is payable even if you don't use the card.
Yes, if you close before end of March you'll pay stamp duty for this year. But if you keep and close in May for example, you'll pay it again.
Stamp duty is payable even if you don't use the card.
Yes, if you open & close the credit card, in the same stamp duty year, but never had a transaction on it, then there's no stamp duty.my understanding is that the stamp is not due if you close the account before the stamp is due to be collected....is that how you read it?
I get you. But what's your take on what a transaction is? Is it a purchase only or is it any activity on the card?
Let's say (in my case) , you have a CC with balance transfer but never actually make a purchase on it. Every month you pay off the minimum balance and the clear the balance with one big lump before interest is due. Do they count as transactions?
It's written in legislation (s. 124 of the stamp duty act). It's a long time since I read it (credit cards aren't my area) but from memory it's any transaction line on your statement. But if you're doing balance transfers, you can use the replacement mechanism to exempt the 2nd card from stamp duty.But what's your take on what a transaction is? Is it a purchase only or is it any activity on the card?
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