| What is Stamp Duty
Stamp duty is often one the largest upfront costs involved when purchasing property and will vary in each state or territory and with the value of the property.
NOTE: It is important to check with your state’s regulators office (visit ato.gov.au) to gain the most up to date regulations for where you live.
In the process of deciding how much you can afford to spend on a property purchase, you also need to understand how stamp duty applies to your property purchase.
Stamp duty (also known as “land transfer duty”) is a government tax on certain transactions. You will normally need to pay it when you buy real estate.
Do You Need to Pay Stamp Duty?
There are a number of different concessions and exemptions that may apply according to your individual circumstances. Such as:
- If you are a first home buyer and are eligible for your specific state-based “First Home Owners Grant”
- You are on a pension or
- You run a farm
The conveyancer or solicitor you use for the conveyancing will calculate exactly what is payable and can arrange to pay stamp duty on your behalf.
How Much Stamp Duty do I need to Pay?
This will vary depending on a number of factors. Including:
- The State or Territory
- What is the purchase price?
- Is the property a primary residence or an investment property?
- Are you a first home buyer?
- Are purchasing an established home, new home or vacant land?
- Are you purchasing a farm?
- Are you classified as a foreign purchaser?
When do You have to Pay Stamp Duty?
Normally you need to pay the stamp duty within 30 days of settlement. Your conveyancer can organise to pay your stamp duty on your behalf. Sometimes it may be possible to defer your stamp duty payment or to apply for a concession or reduction.
Note: Stamp duty is an upfront cost, it can’t be covered by your home loan.
It is important to check with your state’s regulators office (visit ato.gov.au) to gain the most up to date regulations for where you live.
Disclaimer: Although all care is taken. We do not give any warranty whatsoever to the accuracy of any content.
This is not meant to be financial or professional advice and is only of general nature. You must seek professional advice before taking any actions. The above information comes with no warranties whatsoever. We take no responsibility for any actions you may or may not take. All content is of general nature only and is NOT to be taken as advice whatsoever
Martin & Austin
Waldhoff
0422 426 065
MWaldhoff@areaspecialist.com.au
336 Main Road,
Glenorchy 7010 TAS
Martin & Hans recently welcomed the addition of a 3rd generation Waldhoff, Austin, into the team. Inviting him to learn from their 40 years’ experience in the real estate industry. Austin is keen to establish himself alongside these two reputable & knowledgeable representatives of the Hobart property market. Acting as their protégé & personal assistant for the time being as he strengthens his skillset regarding client management, negotiations, and legal procedure.
Martin brings 15 years of experience to the table and prides himself on negotiating the best outcomes for his clients. Empowering his vendors with the most modern marketing strategies available during the listing and selling of their property. Being a strong supporter of local produce and community growth, Martin is a member of the New Town Community Association & other groups. He’s down-to-earth, literally & figuratively, enjoying spending time in the garden as much as inside your home to help evaluate its place on the market.
Hans has been in real estate for 25 years. Receiving multiple awards as Tasmania's No. 1 Salesperson during his reign as 'King of the Hill' in Sandy Bay. Previously a civil engineer and accredited valuer in Germany, Hans has a deeper understanding of property than your average agent, and you'll find his insights invaluable whether you're buying or selling property in Hobart. Now over 80 years old, Hans’ enthusiasm for real estate has never waned and he continues to prove himself as one of PRD’s top salespersons monthly, effectively bolstered by his son & grandson.