Stamp Duty
When you buy a property, you need to pay transfer duty (known as “stamp duty”).
If you are buying a property, you need to first find out how much stamp duty you are paying, or whether you are eligible to apply for a concession (stamp duty discount). If you are eligible, we will apply for a concession on your behalf. We are a stamp duty self-assessor. Contact us for more advice!
What is a stamp duty?
Stamp duty is also called the “transfer duty”, because it is a tax, payable when a “transfer” of property happens. Stamp duty is paid by the buyer of a property. If you buy property, you may be required to pay stamp duty.
The amount of stamp duty payable depends on the purchase price of the property. The more expensive the property is, the more stamp duty the buyer has to pay.
If you are living in the property as your principal place of residence, you may be able to get a discount on the stamp duty. We call that a stamp duty concession. If it is your first time buying a property and you are living in it, we will apply for more discount for you. We call that a “first home concession”.
If you are a foreigner, you will not be eligible for a concession and you will have to pay an additional duty on top of the normal stamp duty, as known as the “Additional Foreigner Acquirer Duty (AFAD)”.
We are happy to assess your stamp duty, complete all documents required and lodge a stamp duty registration to the Office of State Revenue (OSR) on your behalf.
When do I have to pay stamp duty?
- If you are buying land or real property, you need to pay stamp duty (unless you are eligible for a full concession where the stamp duty will become nil).
- If your partner or parents are gifting you land or property, you need to pay stamp duty.
- If your partner of parents are selling you land or property, you need to pay stamp duty.
- If you are going through a divorce and you obtain property under a binding financial agreement, consent order or court order, you do not need to pay stamp duty (we will apply for an “exemption” for you).
- If you obtain land or real property as a inheritance, you do not need to pay stamp duty.