WHAT IS STAMP OR TRANSFER DUTY?

Stamp duty is a tax imposed on numerous acquisitions, including selling real estate, cars and assets belonging to a business.

In the case of real estate, the purchaser is the one who pays the tax. It is a legal requirement for stamp duty to be paid within 30 days of  the settlement date. All transfers of land, or sales of property, including gifts of property attract a duty, but there are a few exceptions to this, including:

• Pensioners
• Deceased estates
• First home buyers
• Family farms
• Young farmers
• Principle place of residence
• Off-the-plan sales

As stamp duty isn’t a tax levied by the federal Government, the amount of stamp duty paid changes from state-to-sate. It’s worth researching the rate of your home state