Generally, under the Duties Act 1997, stamp duty is payable to the Office of State Revenue on the sale or transfer of land in New South Wales. Stamp duty is calculated based on the dutiable value of the land and payable by the purchaser within 3 months of the Contract being exchanged; although, some extensions to paying stamp duty do apply to different types of sales or transfers, such as off-the-plan purchases (a Sydney Conveyancing Lawyer or Conveyancer can tell you when you need to pay stamp duty). Effectively, stamp duty is a tax which must be paid when you purchase a property.
Stamp duty is calculated on a scale which is subject to change. The following table is the scale for calculating stamp duty as of October 2011:
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Dutiable value of the property
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Rate of duty
|
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Not more than $14,000
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$1.25 for every $100, or part, of the dutiable value
|
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More than $14,000 but not more than $30,000
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$175 plus $1.50 for every $100, or part, by which the dutiable value exceeds $14,000
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|
More than $30,000 but not more than $80,000
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$415 plus $1.75 for every $100, or part, by which the dutiable value exceeds $30,000
|
|
More than $80,000 but not more than $300,000
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$1,290 plus $3.50 for every $100, or part, by which the dutiable value exceeds $80,000
|
|
More than $300,000 but not more than $1,000,000
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$8,990 plus $4.50 for every $100, or part, by which the dutiable value exceeds $300,000
|
|
More than $1,000,000
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$40,490 plus $5.50 for every $100, or part, by which the dutiable value exceeds $1,000,000
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Exemptions and concessions to stamp duty
The Duties Act 1997 provides for a number of different circumstances under which an exemption or concession to stamp duty can apply. Subject to various criteria being satisfied, an exemption or concession may be available to:
- First home purchasers
- Purchasers of a new home or vacant land where a new home is to be constructed
- Purchasers of an off the plan property
- The transfer of land to a trustee
- The transfer of land to a spouse
Until 1 January 2012, first home buyers who purchase a property under $600,000 are entitled to an exemption or concession from the stamp duty payable. Unfortunately, an amendment to the Duties Act which is due to come into force on 1 January 2012 replaces the “First Home Plus Scheme” with the “First Home – New Home Scheme”. The First Home – New Home Scheme restricts the exemption or concession to first home purchases of newly constructed properties.
For more information, contact our office to arrange a free home consultation with a member of our conveyancing team. We service most areas within the Sydney metropolitan area, including Fairfield, Cabramatta, Canley Vale, Bankstown, Punchbowl, Liverpool, Ingleburn, Merrylands, Guildford and Granville.
- We have been operating since 2001
- Fixed Fees - $ 590 plus disbursements
- We have a 'can do culture' - we deliver
- We promptly return phone calls and emails
- We have regular repeat business
- Our staff attend Sydney settlemements
- Our staff are humble and hard working
- Senior staff hold Honours Law degrees
- Senior staff personally oversee your file
- We have state of the art technology
This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.
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If you are buying or selling a property and require Conveyancing services, you should make an appointment to see one of our Conveyancing Lawyers in one of the following locations:
- Sydney
- Parramatta
- North Sydney
- Hurstville
- Liverpool
- Gordon
- Baulkham Hills
- Campbelltown
- Bondi Junction
- Conveyancing Lawyer Sydney
- Conveyancer Sydney
- Conveyancing Solicitor Sydney
- Property Lawyer Sydney
- Property Solicitor Sydney
- Conveyancing Lawyer Parramatta
- Conveyancer Parramatta
- Conveyancing Solicitor Parramatta
- Property Lawyer Parramatta
- Property Solicitor Parramatta
- Conveyancing Lawyer North Sydney
- Conveyancer North Sydney
- Conveyancing Solicitor North Sydney
- Property Lawyer North Sydney
- Property Solicitor North Sydney
- Conveyancing Lawyer Hurstville
- Conveyancer Hurstville
- Conveyancing Solicitor Hurstville
- Property Lawyer Hurstville
- Property Solicitor Hurstville
- Conveyancing Lawyer Liverpool
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- Conveyancing Solicitor Liverpool
- Property Lawyer Liverpool
- Property Solicitor Liverpool
- Conveyancing Lawyer Gordon
- Conveyancer Gordon
- Conveyancing Solicitor Gordon
- Property Lawyer Gordon
- Property Solicitor Gordon
- Conveyancing Lawyer Baulkham Hills
- Conveyancer Baulkham Hills
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- Property Lawyer Baulkham Hills
- Property Solicitor Baulkham Hills
- Conveyancing Lawyer Campbelltown
- Conveyancer Campbelltown
- Conveyancing Solicitor Campbelltown
- Property Lawyer Campbelltown
- Property Solicitor Campbelltown
- Conveyancing Lawyer Bondi Junction
- Conveyancer Bondi Junction
- Conveyancing Solicitor Bondi Junction
- Property Lawyer Bondi Junction
- Property Solicitor Bondi Junction