| What is Stamp Duty

Stamp duty is often one the largest upfront costs involved when purchasing property and will vary in each state or territory and with the value of the property.

NOTE:  It is important to check with your state’s regulators office (visit ato.gov.au) to gain the most up to date regulations for where you live.

In the process of deciding how much you can afford to spend on a property purchase, you also need to understand how stamp duty applies to your property purchase.

Stamp duty (also known as “land transfer duty”) is a government tax on certain transactions. You will normally need to pay it when you buy real estate. 

Do You Need to Pay Stamp Duty?

There are a number of different concessions and exemptions that may apply according to your individual circumstances.  Such as:

  • If you are a first home buyer and are eligible for your specific state-based “First Home Owners Grant”
  • You are on a pension or 
  • You run a farm

The conveyancer or solicitor you use for the conveyancing will calculate exactly what is payable and can arrange to pay stamp duty on your behalf.

How Much Stamp Duty do I need to Pay?

This will vary depending on a number of factors.  Including:

  • The State or Territory
  • What is the purchase price?
  • Is the property a primary residence or an investment property?
  • Are you a first home buyer?
  • Are purchasing an established home, new home or vacant land?
  • Are you purchasing a farm?
  • Are you classified as a foreign purchaser?

When do You have to Pay Stamp Duty?

Normally you need to pay the stamp duty within 30 days of settlement. Your conveyancer can organise to pay your stamp duty on your behalf.  Sometimes it may be possible to defer your stamp duty payment or to apply for a concession or reduction.

Note: Stamp duty is an upfront cost, it can’t be covered by your home loan.

It is important to check with your state’s regulators office (visit ato.gov.au) to gain the most up to date regulations for where you live.


Disclaimer:  Although all care is taken.  We do not give any warranty whatsoever to the accuracy of any content.
This is not meant to be financial or professional advice and is only of general nature.  You must seek professional advice before taking any actions. The above information comes with no warranties whatsoever.  We take no responsibility for any actions you may or may not take. All content is of general nature only and is NOT to be taken as advice whatsoever

Gino Sotto

Residential Sales Agent
Raine & Horne Parramatta

P: 0426 228 014
E: gino@rhparramatta.com.au
W: raineandhorne.com.au/parramatta

TESTIMONIALS:

Gino’s professional attitude and friendly nature was a breath of fresh air.  Thank you for your support and professionalism throughout the sale of our property.  Appreciate the extraordinary lengths you went to to achieve an outstanding result!
Jeanne Appleton, Northmead. NSW

Excellent communication and great confidence when negotiating with buyers. Gino focussed his attention on achieving a sale price well above our expectations. Well done Gino and your selling team.
Ralph and Maryanne Pasero, Rydalmere NSW

I found the sales team at Raine and Horne Parramatta a pleasure to deal with. Their expertise and continuous updates in selling our home was outstanding. Great work Gino!
Rochelle and Casba Webb , Parramatta NSW

A genuine performance-based selling agent Gino Sotto helped us achieve a quick sale, which saved us a lot of time and money. We would not hesitate recommending Gino & his sales team to others.
Lawrence and Kim Davies . North Rocks NSW

We were delighted with Gino Sotto and the sales price achieved for our house and the specialist approach to selling residential real estate in our area.
Danny and Manal Ayoub Merrylands NSW