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What Is Stamp Duty And How Does It Work?
While it’s not a hidden cost, stamp duty might not be top of mind during the home-buying process. However, it’s important to understand stamp duty so you can factor it into your budget.
Here’s a rundown of the stamp duty requirements and exemptions in each Australian state and territory.
Find out how much Stamp Duty is on property
Stamp duty, sometimes called land transfer duty, is the cost of transferring land from one individual or entity to another in Australia. It applies whether you’re buying a primary home, a holiday home or an investment property. In some states it even applies to a vacant piece of land.
And it doesn’t only count when money changes hands – you may be charged stamp duty for land transfers and the gifting of property, too.
Stamp duty must be paid within 30 days of your settlement.
The results from this calculator provided by AFG are presented as an indication only and do not represent quotes. This calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product and you should consider obtaining advice from a financial services licensee before making any financial decisions.
Who is required to pay stamp duty?
Unfortunately, just about everyone has to pay stamp duty – although there are certain concessions and exemptions.
These will vary depending on where you are purchasing your property, but possible concessions may apply for:
- First home buyers.
- Deceased estates.
- Purchasing property off-plan.
- Certain types of farming purchases.
Sometimes there are different rules for newly built homes versus established properties – but, again, this varies across the states and territories. It’s best to check with your local Office of State Revenue.
How much will stamp duty cost me?
The cost of stamp duty will depend on which state or territory you live in and the price of the property you are buying. What you plan to do with the property might also affect how much stamp duty you pay.
If you have a specific property in mind, you can use iSelect’s handy Stamp Duty Calculator to work out how much you might have to pay.
Or, for a more general guide, the current rates for your state or territory are as follows:
Stamp Duty by Australian States and Territories
|New South Wales||South Australia|
|Australian Capital Territory||Tasmania|
|Northern Territory||Western Australia|
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