WE VALUE IN ALL AU STATES
Stamp Duty
What is Stamp Duty?
Stamp duty is a state government tax payable on the transfer of property.
Stamp duty is a tax charged by the government. Taxable transactions include:
1. motor vehicle registrations and transfers;
2. insurance policies;
3. leases and mortgages;
4. hire purchase agreements and
5. transfers of property such as businesses, real estate and certain shares.
Stamp duty is imposed by each individual state or territory government. It is also referred to as transfer duty or general duty. It is designed to cover the legal costs incurred by the transaction.
In NSW, when an agent sells a property either by private treaty or at auction, the contract of the sale price is adopted by the Office of State Revenue to calculate stamp duty.
If a property is sold between related parties, for example, a property is gifted, or you buy out a joint owner's portion of the property, a contract may not be drawn. Stamp duty is still payable on the transfer, and the Office of State Revenue will require evidence of the asset's value being transferred to calculate and levy stamp duty. An opinion from a real estate agent or your estimate of the value will not satisfy the requirements of the Office of State Revenue.
A written valuation by one of the Local Valuers Australian Property Institute member valuers will meet the Office of State Revenue requirements for calculating stamp duty.
The links below may help you understand what applies in your state. Irrespective of where you live, Local Valuers Australia can assist with a written valuation.
How is Stamp Duty Calculated?
- ACT Revenue – Duties
- NSW Office of State Revenue – Taxes and duties
- NT Territory Revenue – Stamp Duty
- QLD Office of State Revenue – Duties
- Revenue SA – Stamp Duty
- TAS State Revenue Office – Motor vehicle, Insurance and Property transfer duties
- VIC State Revenue Office – Land transfer duty
- WA Office of State Revenue – Duties
If you do not have a valuation for Stamp Duty, Local Valuers could prepare a report to meet ATO requirements being valid for 90 days for this purpose.
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