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May 18 2011

Stamp Duty on Australian House Purchase 2008


Buying a House : Stamp Duty

Stamp Duty or Transfer Duty

Stamp Duty or Transfer Duty is normally payable when you buy a property in Australia.

This is a STATE based tax/duty, and as such this may be different in each of the Australian States.

There are a few web calculators about that will give an idea of the Stamp Duty payable.

First Home Buyers Stamp Duty Concessions

First Home Buyers may be exempt from Stamp Duty in many cases, but this will depend on the value of the property being purchased, and possible State based conditions.

Each State has a threshold, under which a First Home Buyer will pay reduced stamp duty rates or none at all.
Rates as at July 2008:

  • QLD – $500,000 or less = No Duty : $550,000 or more = Full Duty
  • NSW – $500,000 or less = No Duty : $600,000 or more = Full Duty
  • ACT – $ 333,000 or less = $20 Duty : $412,000 or more = Full Duty (Income Tested)
  • TAS – A concession of up to a maximum of $4,000 will be applied to the purchase of established dwellings with a purchase price of $350,000 or less.
  • NT – $385,000 or less = No Duty :
  • WA – $ 500,000 or less = No Duty : $600,000 or more = Full Duty
  • SA – $ 80,500 or less = No Duty : Over 250,000 = Full Duty
  • VIC – $150,000 or less = No Duty : $200,000 or more = Full Duty
Rules for First Home Buyers
QLD

A person’s home is a first home if, before acquiring the home, the person did not hold and has never before held an interest in other residential land in Queensland or elsewhere, other than as a trustee for another person, as a lessee or as a holder of a security interest.

To be eligible, you must:

  • never have held an interest in other residential land anywhere in the world
  • be at least 18 years of age
  • occupy the home as your principal place of residence within one year

There are no questions on the application form regarding citizenship, or residency, therefore it does appear that a person on a Temporary visa can get the First Home Buyers Stamp Duty Concession.
The residence eligibility rules are NOT the same as for the First Home Owner Grant.

NSW

The “First Home Plus scheme” is the NSW scheme for exemptions or concessions on transfer duty for people who are buying their first home in NSW.

Proof of Identity requirements will be changing on 19th April 2009, and a new application form, with Proof of Identity questions, will be required from 20th April 2009.

www.osr.nsw.gov.au/benefits/first_home

To be eligible, you must:

  • never have held an interest in other residential land anywhere in Australia
  • be at least 18 years of age
  • occupy the home as your principal place of residence within one year, and for at least 6 months
SA
    No party to the application may have previously occupied a dwellinghouse, holiday house, flat or home unit (except as a minor) either in South Australia, Australia or elsewhere.
WA
    Stamp Duty /Transfer duty is charged on land transactions with or without a dwelling.

You can use this calculator to check any duty payable.
http://rol.osr.wa.gov.au/taxcal
Select as appropriate:
RESIDENTIAL
or for First Home Owners
FHOR – Vacant Land
or
FHOR – Package Deals

Links to State Stamp Duty Offices

Mortgage Stamp Duty

Mortgage stamp duty has been abolished in Queensland from 1 July 2008

The previous rates that applied only to transactions that occurred before 1 July 2008, were:

1st Jan 2007 to 30th June 2007 = 20c for each $100, or part of $100, of the amount mortgage.

Before 31st December 2006 = 40c for each $100, or part of $100, of the amount mortgage.

Stamp / Transfer Duty on Standard Home sales in each State

QLD as from 1st July 2008

  • Up to $350,000 = $1.00 for each $100 or part of $100
  • $350,001 to $540,000 = $3,500 + $3.50 for every $100 or part of $100 over $350,000
  • $540,001 to $980,000 = $10,150 + $4.50 for every $100 or part of $100 over $540,000
  • More than $980,000 = $29,950 + $5.25 for every $100 or part of $100 over $980,000

NSW as from 1st July 2008

  • $80,001 – $300,000 = $1,290 plus $3.50 for every $100 or part, over $80,000
  • $300,001 – $1m = $8,990 plus $4.50 for every $100 or part, over $300,000
  • over $1m = $40,490 plus $5.50 for every $100 or part, over $1,000,000

NT as from 1st July 2008

  • under $525,000 = (0.06571441 x V2 ) + 15V (V = the dutiable value/1000)
  • over $525,000 = 4.95 per cent of that amount.

ACT as from 1st July 2008

  • Up to $100,000 = $20 or $2.00 per $100 or part thereof, whichever is greater.
  • $100,001 to $200,000 = $2,000 plus $3.50 per $100 or part thereof in excess of $100,000.
  • $200,001 to $300,000 = $5,500 plus $4.00 per $100 or part thereof in excess of $200,000.
  • $300,001 to $500,000 = $9,500 plus $5.50 per $100 or part thereof in excess of $300,000.
  • $500,001 to $1,000,000 = $20,500 plus $5.75 per $100 or part thereof in excess of $500,000.
  • $1,000,001 and over = $49,250 plus $6.75 per $100 or part thereof in excess of $1,000,000.

SA as at 1st July 2008

  • Up to $12,000 = $1.00 for every $100 or part of $100
  • $12,000 – $30,000 = $120 plus $2.00 for every $100 or part, over $12,000
  • $30,000 – $50,000 = $480 plus $3.00 for every $100 or part, over $30,000
  • $50,000 – $100,000 = $1,080 plus $3.50 for every $100 or part, over $50,000
  • $100,000 – $200,000 = $2,830 plus $4.00 for every $100 or part, over $100,000
  • $200,000 – $250,000 = $6,830 plus $4.25 for every $100 or part, over $200,000
  • $250,000 – $300,000 = $8,955 plus $4.75 for every $100 or part, over $250,000
  • $300,000 – $500,000 = $11,330 plus $5.00 for every $100 or part, over $300,000
  • over $500,000 = $21,330 plus $5.50 for every $100 or part, over $500,000

VIC as at 1st July 2008

  • $0 – $25,000 = 1.4 per cent of the dutiable value of the property
  • $25,001 – $130,000 = $350 plus 2.4 per cent of the dutiable value in excess of $25,000
  • $130,001 – $440,000 = $2,870 plus 5 per cent of the dutiable value in excess of $130,000
  • $440,001 – $550,000 = $18,370 plus 6 per cent of the dutiable value in excess of $440,000
  • $550,001 – $960,000 = $28,070 plus 6 per cent of the dutiable value in excess of $550,000
  • More than $960,000 = 5.5 per cent of the dutiable value

WA as at 1st July 2008

  • Up to $120,000 = $1.90 Per $100 or part thereof
  • $120,001 $150,000 = $ 2,280 + $2.85 Per $100 or part thereof above $120,000
  • $150,001 $360,000 = $ 3,135 + $3.80 Per $100 or part thereof above $150,000
  • $360,001 $725,000 = $11,115 + $4.75 Per $100 or part thereof above $360,000
  • over $725,000 = $28,453 + $5.15 Per $100 or part thereof above $725,000

TAS as at 1st July 2008

  • Up to $75,000 = 4 different rates.
  • $75,001 150,000 = $1,675 plus $3 for every $100, or part, above $75,000
  • $150,001 225,000 = $3,925 plus $3.50 for every $100, or part, above $150,000
  • Over $225,000 = $6,550 plus $4 for every $100, or part, above $225,000

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