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What is stamp duty?
Stamp duty is a one-off government fee you will be required to pay when you buy land or property, as well as certain other assets.
It is a tax levied by Australian state and territory governments on all the legal documents, contracts and trusts involved when purchasing an asset, or have legal ownership of said asset transferred to you.
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In NSW, stamp duty on property is often referred to by the Office of State Revenue as ‘transfer of land or business duty’.
How is stamp duty calculated in NSW?
The duty is calculated on the property’s market value. Therefore, the more expensive the property, the higher the stamp duty rate you’ll have to pay.
Stamp duty (or transfer of land or business duty) rates relevant to property in NSW are as follows:
Stamp duty step 1
Stamp duty step 2
How is stamp duty calculated in NSW?
The duty is calculated on the property’s market value. Therefore, the more expensive the property, the higher the stamp duty rate you’ll have to pay.
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The duty is calculated on the property’s market value. Therefore, the more expensive the property, the higher the stamp duty rate you’ll have to pay.
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