Stamp Duty Calculator
Stamp duty is a cost that is often overlooked by home buyers and can be a significant addition to the overall payment. We’ve gathered some important information you should consider including a handy calculator to help you figure out the costs you can expect from your state or territory government.
What is stamp duty?
According to the Australian Government, stamp duty is a tax on written documents and certain transactions. Stamp duty is imposed by state and territory governments and varies depending on the state or territory you reside in. Depending on the circumstances, this tax can be paid by the purchaser or the borrower at a flat rate or based on the value of the transaction.
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What transactions will I pay stamp duty for?
The types of transactions that could incur stamp duty include:
- Real estate
- Motor vehicle registration
- Insurance policies
- Leases and mortgages
- Hire purchase agreements
- Transfers of some shares
How is stamp duty calculated?
Stamp duty costs vary from state to state. It also depends on the type of property (or possession) and the selling price as well as the intention (i.e. to live in or as an investment). The calculation is based on the greater between market value or the price paid, plus GST.
Use our stamp duty calculator below to work out how much stamp duty you may need to factor in to your purchase or transfer.
Alternatively, stamp duty calculators for your particular state can be found below:
- ACT: http://www.revenue.act.gov.au/duties-and-taxes/duties
- New South Wales: https://eng.quickconveyancing.com.au/public/nsw-stamp-duty-calc.aspx
- Northern Territory: http://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/StampDuty/StampDutyCalculators/Pages/default.aspx
- Queensland: https://www.treasury.qld.gov.au/taxes-royalties-grants/duties/transfer-duty-grants-calculator.php
- South Australia: http://www.revenuesa.sa.gov.au/taxes-and-duties/stamp-duties/calculators
- Tasmania: http://www.sro.tas.gov.au/domino/dtf/SROWebsite.nsf/v-all/4829E8B44ABC1076CA25793300034073?OpenDocument&menuitem=Property%20Transfer%20Duties
- Victoria: http://extranet.sro.vic.gov.au/SRO/SROCalcs.nsf/transfer?OpenForm
- Western Australia: https://www.finance.wa.gov.au/cms/content.aspx?id=2077
How is stamp duty paid?
Generally, stamp duty is paid by the person making the purchase who will receive a notice in the post. This notice will provide more information about the stamp duty as well as the total amount owing. The notice will also advise when the payment is due by as this varies depending on your state or territory. In general full payment is required between one – three months.
The notice will also advise the account details for the payment to be made, which can be processed via direct debit, credit card, bank transfer or cheque.
Do I qualify for an exemption from stamp duty?
Each state and territory offers some exemptions from stamp duty and it is a good idea to do your research to see if you qualify for any. Some exemptions include:
- First home buyer
- Death of a property owner
- Transfer of property to a spouse
- Transfer to a charitable institution
What is the money claimed for stamp duty used for?
The money collected from the stamp duty tax is reinvested by the state or territory government.