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Buying property in Australia can be expensive enough without having to worry about any additional taxes added onto the value of your property. When you begin looking into the taxes associated with a property that you’re interested in, you might see something called “Stamp Duty”. Stamp Duty is a tax that you need to take into consideration when you start searching for the right place.
In the simplest terms, stamp duty is a type of tax that you’ll find on different purchases including cars and real estate. Business owners will also be responsible for paying stamp duty tax. Based on your situation, there may be the option for either the borrower or the purchaser to pay the tax and the total value is calculated based on the transaction’s value. When it comes to buying a home, the purchaser will be responsible for the stamp duty.
There is no choice but to make sure that the stamp duty is paid before you move into your property. When you make your real estate purchase, you will have 30 days from the date of the transaction to ensure that it is paid, as it is a legal requirement.
Depending on the Australian state that you live in, there could be exemptions to having to pay stamp duty, though it is imperative that you confirm with your local mortgage broker to see if you can save on this tax. Some of the concessions include:
Instead of it being a federal tax, the stamp duty costs are dealt with by territory and state government entities. This can make it quite confusing for homeowners as every state will have a different percentage that you will be responsible for paying. In most cases the total stamp duty that you will be responsible for will be calculated based on the value of the property or the amount of money you paid for it, including any GST.
If you’re curious about the rates that you will be responsible for paying based on the value of the homes that you’re looking at, you can easily find a stamp duty calculator online. It will take all of the factors of the sale into account and give you an approximate total that you’ll have to pay.
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