Stamp duty is a tax levied by all Australian territories and states on property purchases. The stamp duty a buyer pays is based on the property purchase price, location and loan purpose. The difference in states can be as high as $10,000 for a $500,000 property.
It is important to include any stamp duty payable in your consideration of a property and your borrowing capacity. It is important to note that Stamp Duty is not tax deductible and it is added to your cost base when you sell.
To see what the current conditions are for stamp duty exemptions and concessions, visit your state’s government website:
- Australian Capital Territory – www.revenue.act.gov.au
- New South Wales – www.osr.nsw.gov.au
- Northern Territory – www.treasury.nt.gov.au
- Queensland – www.osr.qld.gov.au
- South Australia – www.revenuesa.sa.gov.au
- Tasmania – www.sro.tas.gov.au
- Victoria – www.sro.vic.gov.au
- Western Australia – www.osr.wa.gov.au