What is Stamp Duty Tax?
Understanding the basics
Across Australia, all transfers of land or real property, including gifts of real property, attract a duty tax that is levied by each state. This stamp duty, which varies from state to state, is a necessary cost and is generally based on the greater of two factors:
The market value of the property, or
The price paid (including GST)
The time for payment can vary from state to state so check with your relevant State Revenue Office for details.
Be aware of exemptions
Different exemptions or concessions may apply across states. For example, people in the following categories may be applicable for specific concessions:
For more information on the exemptions and concessions available in your state, do refer to your local State or Territory government website.
How does this benefit off-the-plan purchasers?
The Stamp Duty Tax exemption on off-the-plan properties can save you thousands of dollars. The Australian Government greatly supports the construction and completion of new developments nation-wide, which means many new state-of-the-art architecturally designed future homes are available with a significant cost savings over established homes.
How much does Stamp Duty cost?
We strongly advise that you visit your relevant State or Territory government website for the most current information.
Learn more about the current array of exciting new residential projects in Sydney, Brisbane, Melbourne and the Gold Coast and browse here.