Tuesday, 20 August 2013

Great reference to Stamp Duty....save this page


Great reference to Stamp Duty....save this page

reposted from http://www.moneybuddy.com.au

Stamp duty is a general tax imposed upon certain documents and some undocumented acquisitions. These include title transfers as a result of selling real estate, vehicles, business assets and other property; gifts; insurance policies and home loans, and is paid by the purchaser or borrower. Revenue raised is then used to fund public services including:
  • education;
  • health;
  • law and order; and
  • public safety.

How much stamp duty do I have to pay?

Stamp duty varies from state to state. The following information is current as at June 2013 and does not take into account any concessions that may be available.
As can be seen, stamp duty can add significantly to the purchase price of a property so it's vital that you take this into account when you're looking to buy your new home.

Select your state to see Stamp Duty rates

New South Wales Victoria Queensland South Australia Western Australia Tasmania ACT Northern Territory See All States

New South Wales

Dutiable Value Duty Payable
$0 - $14,000 1.25% of dutiable value
$14,001 - $30,000 $175 + 1.5% of dutiable value over $14,000
$30,001 - $80,000 $415 + 1.75% of dutiable value over $30,000
$80,001 - $300,000 $1,290 + 3.5% of dutiable value over $80,000
$300,001 - $1 million $8,990 + 4.5% of dutiable value over $300,000
$1 million - $3 million $40,490 + 5.5% of dutiable value over $1 million
Over $3 million $150,490 + 7% of dutiable value over $3 million

First home buyers stamp duty concessions and exemptions

In the some cases, stamp duty can be charged at a concessional rate. Certain prerequisites must be met before the concessional rate is approved such as property value, property type and occupancy requirements. Below are examples of stamp duty concessions and exemptions for first home buyers. There are also grants available to first home buyers, to see those grants for every state, read our First Home Owners Grant Guide.
ACT
Eligible Property (New or Substantially Renovated)
  • Under $425,000 = $20 Stamp Duty in total
  • Between $425,000- $525,000 = Part concession
  • Over $525,000 = No concession
Eligible Vacant Block (Land)
  • Under $250,000 = $20 Stamp Duty in total
  • Between $250,000 - $290,000 = Part concession
  • Over $290,000 = No Concession
NSW
Eligible Property (Newly constructed home)
  • Under $550,000 = Exempt from Stamp Duty
  • Between $550,000- $650,000 = Part concession
  • Over $650,000 = No concession
Eligible Vacant Block (Land on which to build a new home)
  • Under $350,000 = Exempt from Stamp Duty
  • Between $350,000 - $450,000 = Part concession
  • Over $450,000 = No Concession
NT
Principal Place of Residence Rebate (PPRR)
  • Up $7000 off stamp duty for the purchase of new homes, or land to build new homes. No limit on purchase price.
(PPRR is not available to those eligible for the SPCC or the First Home Owner Grant)
QLD
First Home (New or Established)
  • Under $505,000 = Up to $8750 off Stamp Duty
  • Between $505,000- $550,000 = Part concession
  • Over $550,000 = No concession
Eligible Vacant Block (Land)
  • Under $250,000 = Exempt from Stamp Duty
  • Between $250,000 - $400,000 = Part concession
  • Over $400,000 = No Concession
WA
  • No Stamp Duty Exemptions, however lower rates apply to residential properties valued at less than $200,000, which will be the primary place of residence for the purchaser.

Pensioner concessions and exemptions

There are also many stamp duty concessions and exemptions available for eligible pensioners, these are shown below.
ACT
Eligible Property (Residential home)
  • Under $560,000 = $20 Stamp Duty in total
  • Between $560,000- $705,000 = Part concession
  • Over $705,000 = No concession
Eligible Vacant Block (Land)
  • Under $290,000 = $20 Stamp Duty in total
  • Between $290,000 - $345,000 = Part concession
  • Over $345,000 = No Concession
To be eligible for the Pensioner concession in ACT, the purchaser must be an eligible pensioner in receipt of:
  • an Australian age pension (Centrelink or Department of Veterans’ Affairs equivalent) and who holds a pensioner concession card;  or
  • a disability support pension and is 50 years of age or more and who holds a pensioner concession card;  or
  • a Department of Veterans’ Affairs Gold Card for one year prior to the transaction.
NT
Eligible Property
  • Under $750,000 = Up to $8500 off the Stamp Duty
  • Over $750,000 = No concession
Eligible Vacant Block (Land)
  • Under $385,000 = Up to $8500 off the Stamp Duty
  • Over $385,000 = No Concession
To be eligible for the SPCC concession in NT, the purchaser must be 60 years or older OR the holder of Northern Terriorty pensioner and carer concession card.
VIC
Eligible Property
  • Under $330,000 = Exempt from Stamp Duty
  • Between $330,000- $750,000 = Part concession
  • Over $750,000 = No concession
To be eligible for the Pensioner concession in Victoria,the purchaser hold one of the following cards: Pensioner Concession Card, Health Care Card, Commonwealth Seniors Health Card, or DVA Gold Card

Recent changes to stamp duty laws

Regularly in recent state budget announcements changes are made to stamp duty legislation. Recently Victoria has overhauled concessional rates and raised the upper threshold. New South Wales has introduced provisions to reduce or abolish certain duties over a number of years and includes changes to mortgage duty. The other states and territories have also overhauled their own legislation, in some cases making stamp duty charges for property transfer much more affordable. To work out how much the current rate of duty will be please visit our stamp duty calculator.
For more information contact the Office of State Revenue or the State Government Treasury in your state.
Below are the most recent changes
ACT
Home buyer concession Scheme will expire June 30th 2013.
VIC
First home buyers stamp duty rates reduced by 10% 1st January 2013.
First home owner grant axed June 30th 2013.
Introduce newly constructed home grant and increase stamp duty cuts July 1st 2013.
NSW
The First Home Owner Grant (New Homes) grant of $15,000 is extended for a further 2 years from 31 December 2013 to 31 December 2015. It will reduce to $10,000 from 1 January 2016.

SA
Housing Construction Grant axed June 30th 2013.