Stamp duty is a one-off government fee that is payable when you buy land or property, or have ownership of land or property transferred to you. Stamp duty can be paid when an assessment is issued after registration of the title. Unlike other states, in the ACT you cannot pay before starting registration. Stamp duty is also known as conveyance duty in the ACT.
In the ACT, stamp duty is calculated on a property’s market value. Therefore, the more expensive the property, the higher the stamp duty rate you’ll have to pay.
Stamp duty rates relevant to residential property in the ACT are as follows:
Property value Property value | Transfer duty rate (owner occupier) Transfer duty rate (owner occupier) | Transfer duty rate (non-owner occupier) Transfer duty rate (non-owner occupier) |
|---|---|---|
Property value Up to $200,000 | Transfer duty rate (owner occupier) $0.68 per $100 or part thereof up to $200,000 | Transfer duty rate (non-owner occupier) $1.20 per $100 or part thereof up to $200,000 |
Property value $200,001 to $300,000 | Transfer duty rate (owner occupier) $1,360 plus $2.20 per $100 or part thereof by which the value exceeds $200,000 | Transfer duty rate (non-owner occupier) $2,400 plus $2.20 per $100 or part thereof by which the value exceeds $200,000 |
Property value $300,001 to $500,000 | Transfer duty rate (owner occupier) $3,560 plus $3.40 per $100 or part thereof by which the value exceeds $300,000 | Transfer duty rate (non-owner occupier) $4,600 plus $3.40 per $100 or part thereof by which the value exceeds $300,000 |
Property value $500,001 to $750,000 | Transfer duty rate (owner occupier) $10,360 plus $4.32 per $100 or part thereof by which the value exceeds $500,000 | Transfer duty rate (non-owner occupier) $11,400 plus $4.32 per $100 or part thereof by which the value exceeds $500,000 |
Property value $750,001 to $1,000,000 | Transfer duty rate (owner occupier) $21,160 plus $5.90 per $100 or part thereof by which the value exceeds $750,000 | Transfer duty rate (non-owner occupier) $22,200 plus $5.90 per $100 or part thereof by which the value exceeds $750,000 |
Property value $1,000,001 to $1,455,000 | Transfer duty rate (owner occupier) $35,910 plus $6.40 per $100 or part thereof by which the value exceeds $1,000,000 | Transfer duty rate (non-owner occupier) $36,950 plus $6.40 per $100 or part thereof by which the value exceeds $1,000,000 |
Property value More than $1,455,000 | Transfer duty rate (owner occupier) A flat rate of $4.54 per $100 applied to the total transaction value | Transfer duty rate (non-owner occupier) A flat rate of $4.54 per $100 applied to the total transaction value |
Stamp duty in the ACT is payable to the ACT Revenue Office. Like other state government taxes, the money goes towards maintenance of main roads, the upkeep of public recreational areas, the garbage and waste disposal system, health services, education and a lot more.
Homebuyers must pay the duty within 90 days of signing the contract for the purchase of the property.
The ACT’s Home Buyer Concession Scheme (HBCS) exists to help people purchase a new residential property or residential vacant land. Applicants must not have owned a property in the previous 2 years and must reside in the property for a continuous period of 6 months in the first year of owning the property.
Unlike other states and territories, this concession is income tested. If the combined gross income of the applicants, in the previous financial year, is greater than the income threshold they will be ineligible for the concession.
Stamp duty exemptions can apply in the ACT if the property is being transferred due to the death of the owner, the break up of a marriage or other relationship, or if ownership is being transferred between married or de facto couples.
Read more about stamp duty in the Australian Capital Territory here.
Looking for stamp duty information for other states:
Read more about duty payable in the Australian Capital Territory here.
Find out how much stamp duty you might need to pay.