How Is Stamp Duty Calculated In NSW?
Stamp duty, also known as transfer duty, is a tax levied by the state government on the purchase and transfer of property in New South Wales (NSW). It is calculated using a sliding scale that corresponds to the property’s value.
Stamp Duty Rates In NSW
Stamp duty is generally calculated based on the market value of the property. The higher the property value, the more expensive the stamp duty.
The stamp duty rates in NSW from 1 July 2024 are as follows:
| Property Value | Transfer Duty Rate |
|---|---|
| $0 to $17,000 | $1.25 for every $100 (minimum $20) |
| $17,000 to $36,000 | $212 plus $1.50 for every $100 over $17,000 |
| $36,000 to $97,000 | $497 plus $1.75 for every $100 over $36,000 |
| $97,000 to $364,000 | $1564 plus $3.50 for every $100 over $97,000 |
| $364,000 to $1,212,000 | $10,909 plus $4.50 for every $100 over $364,000 |
| Over $1,212,000 | $49,069 plus $5.50 for every $100 over $1,212,000 |
Source: Revenue NSW
Premium Transfer Duty Rates
| Period | Property Value | Premium Rate |
|---|---|---|
| From 1 July 2024 | Over $3,636,000 | $182,389 plus $7.00 for every $100 over $3,636,000 |
Stamp Duty Exemptions In NSW
In New South Wales (NSW), first-home buyers can benefit from stamp duty exemptions or concessions through the First Home Buyers Assistance Scheme. This initiative aims to alleviate the financial burden associated with purchasing a home, particularly for those entering the property market for the first time.
Exemptions And Concessions For New And Existing Homes
| Property Value | Exemption Type | Description |
|---|---|---|
| Equal to or less than $800,000 | Exempt | You can apply for a full exemption from transfer duty. |
| Above $800,000 and less than $1 million | Concessional Rate | You can apply for a concessional transfer duty rate. |
Exemptions And Concessions For Vacant Land
| Property Value | Exemption/Concession | Description |
|---|---|---|
| Equal to or less than $350,000 | Exempt | You can apply for a full exemption from transfer duty. |
| Above $350,000 and less than $450,000 | Concessional Rate | You can apply for a concessional transfer duty rate. |
Besides the stamp duty exemptions and concessions, first-home buyers also get a $10,000 First Home Owner Grant (FHOG) when they buy or build their first new home.
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How Do You Pay Stamp Duty In NSW?
If you pay the duty yourself, you can use BPAY or electronic funds transfer (EFT).
If you’ve used a solicitor or conveyancer to lodge your assessment, they will receive a Duties Notice of Assessment with the total stamp duty payable and the due date.
When Is Stamp Duty Paid?
How Much Is The Stamp Duty Surcharge For Foreign Investors In NSW?
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