2024 Guide to Stamp Duty: State By State
When purchasing property in Australia, it’s important to be aware of the additional costs that may come along with the purchase. One of these costs is stamp duty, also know as transfer duty, a tax levied on various transactions, including the purchase of real estate. The amount of stamp duty payable varies from state to state and can have a significant impact on the overall cost of purchasing property. In this article, we will provide a comprehensive guide to stamp duty state by state in Australia.
New South Wales
In New South Wales, stamp duty is calculated based on the purchase price of the property. The rates vary depending on the value of the property and whether you are a first-time buyer. For example, if you are a first-time buyer purchasing a property valued at $650,000, you will be required to pay $24,740 in stamp duty.
Victoria
In Victoria, stamp duty is also calculated based on the purchase price of the property. The rates vary depending on the value of the property, and there are no concessions available for first-time buyers. For example, if you are purchasing a property valued at $650,000, you will be required to pay $29,370 in stamp duty.
Queensland
In Queensland, stamp duty is calculated based on the purchase price of the property, but there are concessions available for first-time buyers and owner occupiers. For example, if you are a first-time buyer purchasing a property valued at $650,000, you will be required to pay $8,750 in stamp duty.
Western Australia
In Western Australia, stamp duty is calculated based on the purchase price of the property. The rates vary depending on the value of the property, and there are no concessions available for first-time buyers. For example, if you are purchasing a property valued at $650,000, you will be required to pay $24,765 in stamp duty.
South Australia
In South Australia, stamp duty is calculated based on the purchase price of the property, but there are concessions available for first-time buyers. For example, if you are a first-time buyer purchasing a property valued at $650,000, you will be required to pay $15,330 in stamp duty.
Tasmania
In Tasmania, stamp duty is calculated based on the purchase price of the property. The rates vary depending on the value of the property, but there are no concessions available for first-time buyers. For example, if you are purchasing a property valued at $650,000, you will be required to pay $24,577 in stamp duty.
Northern Territory
In the Northern Territory, stamp duty is calculated based on the purchase price of the property. The rates vary depending on the value of the property, but there are concessions available for first-time buyers. For example, if you are a first-time buyer purchasing a property valued at $650,000, you will be required to pay $18,601 in stamp duty.
Australian Capital Territory
In the Australian Capital Territory, stamp duty is calculated based on the purchase price of the property. The rates vary depending on the value of the property, but there are concessions available for first-time buyers. For example, if you are a first-time buyer purchasing a property valued at $650,000, you will be required to pay $20,400 in stamp duty.
Keep in mind, stamp duty can have a significant impact on the overall cost of purchasing property in Australia. It is essential to be aware of the rates and concessions available in your state when purchasing a property. Knowing the rates can help you budget and prepare for the extra cost of stamp duty, allowing you to make informed decisions when purchasing property. The easiest way to gather the correct calculation on the amount of Stamp Duty payable, is to use the correct State or Territory’s calculator available on the State Government’s website.
FAQ
Q – Is stamp duty the same in all states of Australia?
A- No, stamp duty varies from state to state in Australia.
Q -Are there any exemptions or concessions available for stamp duty?
A -Yes, there are exemptions and concessions available for stamp duty in certain states for first-time buyers and other specific circumstances. For some states investors will pay more stamp duty.
Q. Does my taxable income affect how much Stamp Duty payable?
A. No – Stamp Duty is payable on the purchase price of the property.
Q- Who is responsible for paying stamp duty?
A- The buyer of the property is typically responsible for paying the stamp duty.
Q – How is stamp duty calculated?
A- Stamp duty is generally calculated as a percentage of the purchase price of the property agreed on the Contract of Sale, with rates varying depending on the state and the value of the property.
Q- Can stamp duty be included in the home loan?
A- Yes, stamp duty can be included in the home loan in some cases, but this will depend on the lender and their specific policies.
Q-If I have a related party is stamp duty paid on the Market value of the property or the agreed amount
A-Stamp Duty is usually payable on the Market value of the property and an independent valuation will be required to obtain the correct market value price.
Q. How can Stamp Duty be paid?
A. In most states Stamp Duty can be paid via cheque, BPay or electronic funds transfer at time of settlement or unconditional.
Disclaimer – All information is general advice only, for specific legal advice, please contact a legal representative directly.
