Stamp duty

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Chattaway
Participant
@specha
Join Date: 2015
Post Count: 28
September 11, 2015 - 11:41 am
Hello,
I am wondering wether this is true. I have heard that in SA stamp duty is calculated off of the purchase price and not the value. Is this correct as I am running figures on a favourable purchase. Thanks
Scottsdale
Participant
@scottsdale
Join Date: 2011
Post Count: 63
September 11, 2015 - 7:58 pm
The amount of stamp duty you are required to pay is assessed on the purchase price or the market value of the property at the date of settlement, whichever is the greater.
https://www.revenuesa.sa.gov.au/generic-pages/i-am-a-property-ownerbuyer
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
September 12, 2015 - 1:25 am
Stamp duty is always paid on the amount of consideration rather than the valuation amount.
Imagine if the State Govts only being able to be charge duty on valuation amounts. In parts of Sydney / Melbourbe where valuations don’t stack up on Off The Plan properties they wound go broke !!!
Cheers
Yours in Finsnce
0-40 properties in a decade. Ask me how.
Richard Taylor | Australia's leading private lender
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
September 12, 2015 - 7:08 am
Chattaway wrote:
I am wondering wether this is true. I have heard that in SA stamp duty is calculated off of the purchase price and not the value.
That’s right.
The exception being if you purchase from a friend/family at less than market value. In those instances – you’ll need to carry out a valuation for duty purposes.
If building a property – duty is charged on the land value (not the entire land + construction costs).
Cheers
Jamie
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