big question – does stamp duty work on a sliding scale?
for example, if you purchase a new property for $570,00 does the duty only kick in after $400,000? (re for pensioners)btw, i thought new properties were exempt from stamp duty.. the kitchen and many of the fittings are still missing..
thanks!
HI there
the amount of stamp duty will vary with each state – is more for a more expensive property but there are exemptions and reductions for eg first home owners.
Exemptions are normally available if the transfer of land is part of a family law/defacto property settlement
I suggest you google osr for your state and look at the online calculators – it will help you work out the potential stamp duty payable
thanksthanks raddles.. my parents have bought this soon to be completed unit and the builder has yet to subdivide the land for title purposes.. i'm still wondering if they have to pay stamp duty given that it is still being built..
Hi there
I think you will find that stamp duty will be assessed when your parents have a transfer of land from the builder that can give them title to their unit. There will be the value of the vacant land plus the improvements (unit) – unfortunately they won't be able to escape making some payment to the revenue authority.
thanksOff the plan purchases occasionally qualify for stamp duty concession (not exemption). Check out the OSR site to see what applies or speak to your conveyancer.
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