Stamp Duty ACT
Stamp Duty ACT
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Stamp Duty Calculator ACT
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What is stamp duty?
The amount of stamp duty you’ll be shelling out depends on a few factors. They look at the property’s value and how much you’re paying for it. The more expensive the digs, the more duty you’ll give the government. The catch is that stamp duty isn’t a one-size-fits-all deal and some concessions are up for grabs, especially if you’re a first-time homebuyer or living in the property you are buying.
Stamp duty is a one-off fee that must be paid within a tight 14-day window from the settlement of your property purchase. The ACT Government then puts that dough to good use, chipping in for infrastructure projects and essential services.
How is stamp duty calculated in the ACT?
Stamp duty boils down to the price tag or market value of the property you are buying. This includes the house and the land it sits on. So whether you’re grabbing a house and land package or diving into an off-the-plan property, they’re all fair game.
There’s a handy calculator that will make all of this much easier to figure out, but the general rates of stamp duty in the ACT on or after July 1, 2023, are as follows:
Property Value | Stamp Duty Rate |
Up to $260,000 | $0.40 per $100 or part of thereof up to $260,000 |
$260,001 to $300 000 | $1,040 plus $2.20 per $100 or part thereof by which the value exceeds $260,000 |
$300,001 to $500,000 | $1,920 plus $3.40 per $100, or part thereof by which the value exceeds $300,000 |
$500,001 to $750,000 | $8,720 plus $4.32 per $100, or part thereof by which the value exceeds $500,000 |
$750,001 to $1,000,000 | $19,520 plus $5.90 per $100, or part thereof by which the value exceeds $750,000 |
$1,000,001 to $1,455,000 | $34,270 plus $6.40 per $100, or part thereof by which the value exceeds $1,000,000 |
More than $1,455,000 | A flat rate of $4.54 per $100 applied to the total transaction value |
Source: ACT Revenue Office – Conveyance duty
When do you have to pay stamp duty in the ACT?
Once you’ve sealed the deal and your purchase contract is all wrapped up, there’s a bit of admin to tackle. Access Canberra will give your title the official stamp, and you’ll find a notice of assessment in your mailbox. This little nugget of paperwork gives you all the stamp duty info you need, including how to pay and any sweet deals you might be eligible for.
Just remember the slim 14-day window to settle and avoid those pesky interest charges. The nitty-gritty details can be found at the ACT Revenue Office website – just don’t let that notice of assessment gather dust!
Helpful tip:
Another good way to keep across all finances when you’re buying or selling a property, is to apply for a Certificate of Rates, Land Tax and Other Charges. This certificate will give you a comprehensive rundown of all the general rates tax, land rent and other charges that are outstanding on the property.
Do first home buyers have to pay stamp duty in the ACT?
Like many other states, the ACT helps make buying your first home a little easier through reducing stamp duty for many first home buyers.
Home Buyer Concession Scheme
This new concession has replaced the First Home Buyers Grant in the ACT. But unlike most other states first home buyer concession schemes, in the ACT you don’t have to be a first timer – the grant is also available for anyone with a certain income threshold who haven’t owned their own property for at least five years. The income thresholds depend on how many little ones you’ve got running around the house.
No dependent children | Total gross income under $250,000 |
1 dependent child | Total gross income under $254,600 |
2 dependent children | Total gross income under $259,200 |
3 dependent children | Total gross income under $263,800 |
4 dependent children | Total gross income under $268,400 |
5 or more dependent children | Total gross income under $273,000 |
Source: ACT Government | Revenue Office – Home buyer concession scheme
The ACT’s Home buyer concession scheme covers all types of properties in the ACT, from a brand-spankin’ new place to an old-timer or even a piece of vacant land. But here’s the kicker: at least one of the buyers has to live in the property for a solid 12 months, and that clock starts within a year of the settlement or construction wrap-up.
There are a few other conditions and a cap on the concession, so it’s a good idea to check if you’re in the clear via the ACT Revenue Office.
Are there any other stamp duty concessions available in the ACT?
The good news is that there are two other stamp duty concessions up for grabs in the ACT:
Pensioner Duty Concession Scheme
This little gem is about giving our eligible pensioners a leg up when moving into a more comfortable and manageable abode. If you’re an eligible pensioner looking to downsize into a cozier, easier-to-handle house – this scheme’s for you.
At least one buyer must be an eligible pensioner, and it can even apply to homes bought off-the-plan. This scheme is for properties that fall under a certain value threshold and certain eligibility criteria.
Disability Concession Scheme
If you have a long-term or permanent disability, the Disability Concession Scheme provides full stamp duty relief when buying a property to call your permanent residence. This is a game-changer for those with disabilities, making the path to homeownership a tad smoother.
How long do I have to pay stamp duty?
So, you’ve got your notice of assessment in hand and a snug 14-day window to settle that stamp duty bill. BPAY and Electronic Funds Transfer (EFT) are two trusty ways to square things away. They’re the go-to options to ensure your payment lands in the right hands. But it’s not as quick as a flash. Payments can take up to 48 hours to make their way to the ACT Revenue Office and get processed.
What other fees might I need to pay in ACT?
When you’re gearing up for a house purchase, it’s not just the property’s price tag you need to consider. There’s a whole bunch of additional costs that can sneak up on you, such as:
- Legal fees: You’ll need a legal eagle to handle all the paperwork and ensure your property transaction is as smooth as a jar of Vegemite. Legal fees can vary, so it’s worth shopping around for the right solicitor or conveyancer.
- Loan establishment fees: If you’re financing your purchase with a home loan, your lender might slap you with some establishment fees. These costs are associated with setting up your loan and can add up.
- Owners corporation contributions (for a unit purchase): If you’re diving into the world of unit living, you’ll need to cough up for owner’s corporation contributions. This helps cover the upkeep of common areas and shared facilities.
- General and water rates: Once you’ve got the keys, you’re responsible for general and water rates. These ongoing fees help maintain local services and keep the water flowing.
- Property inspection fees: Before you sign on the dotted line, it’s smart to get the property inspected.
- Insurance on buildings and contents: Protecting your new investment is crucial. You’ll need insurance on both the building and your contents – a cost that provides peace of mind.
Do people in ACT pay more stamp duty?
Actually, the ACT pays much less than most other states! The stamp duty the ACT pays in comparison to other states can be seen below, based on an established property worth $500,000 with no concessions:
Do foreign buyers have to pay stamp duty?
The answer is yes! On top of stamp duty, the ACT Government also issues an extra surcharge purchaser duty for foreign buyers. But the good news is that it’s not much – 0.75% in fact. This is on either the purchase price or the value of the residential property – whichever one is bigger.
However, we should note that this only applies for residential property. For commercial properties, this extra duty might not apply, depending on the type of property and how it’s used.
Can I get a home loan that covers stamp duty?
This depends on your lender. They typically don’t cover stamp duty as part of a home loan. Some lenders might be willing to make an exception, though.
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