How to you calculate stamp duty for house & land or off the plan?

Viewing 7 posts - 1 through 7 (of 7 total)

Eddy123
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@eddy123
Join Date: 2012
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April 26, 2012 - 9:48 am
Ok, must be an easy question for some, so how do you calcuate stamp duty for house & land or off the plan (OTP) properties? Let's say on a 500k purchase price.
Derek
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@derek
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April 26, 2012 - 11:52 am
Which state?
All (?) states will calculate stamp duty for a house and land purchase on the land price.
OTP purchases are different as most states will calculate stamp duty on the price of the finished product. Victoria is different as they tend to use a land value at the time the contract was signed.
Eddy123
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@eddy123
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April 26, 2012 - 12:04 pm
I see so except for vic all all other states uses full purchase price as the figure to calculate stamp duty on OTP regardless of current valuation?
Derek
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April 26, 2012 - 12:13 pm
You would need to check the various state government websites but in essence that is correct.
Not 100% sure on SA and ACT.
Eddy123
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April 26, 2012 - 12:47 pm
Ok thanks i’ll google some online stamp duty calculator and have a go at them.
Jamie Moore
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@jamie-m
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April 26, 2012 - 1:30 pm
Derek wrote:
Not 100% sure on SA and ACT.
For OTP in ACT it's based on the purchase price. For house and land, it's only the land that attracts duty. I could go into detail about the other states but a quick google search will return answers.
Cheers
Jamie
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Eddy123
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@eddy123
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April 26, 2012 - 2:16 pm
Thanks for the input guys, cheers.