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Conveyancing
Stamp Duty is a General Tax imposed upon certain documents and some undocumented acquisitions. These include title transfers as a result of selling real estate, vehicles, business assets and other property; gifts; insurance policies and mortgages, and is paid by the purchaser or borrower. Revenue raised is then used to fund public services.
In the case of residential or business property transfers, stamp duty can be charged at a concessional rate. Certain prerequisites must be met before the concessional rate is approved such as property value, property type and occupancy requirements.
Stamp duty varies from state to state. The following information is current as at July 2006 and does not take into account any concessions that may be available.
In recent state budget announcements for the 2006-2007 financial year, a number of changes were made to stamp duty legislation. New South Wales has introduced provisions to reduce or abolish certain duties over a number of years and includes changes to mortgage duty. Victoria has overhauled concessional rates and raised the upper threshold. The other states and territories have also overhauled their own legislation, in some cases making stamp duty charges for property transfer much more affordable.
< $14,000 1.25% of dutiable value
$14,001 - $30,000 $175 + 1.5% of dutiable value
$30,001 - $80,000 $415 + 1.75% of dutiable value
$80,001 - $300,000 $1,290 + 3.5% of dutiable value
$300,001 - $1 million $8,990 + 4.5% of dutiable value
> $1 million $40,490 + 5.5% of dutiable value
STAMP DUTY