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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.
Read more about stamp duty in the Northern Territory here.
Looking to calculate stamp duty? Try our stamp duty calculator.
The duty is calculated on the market value of the land or property, or the consideration (the price being paid for the property), whichever amount is greater. What this means is that even if you purchase the property below the market value, for example at a discount from a friend or family member, you will still be required to pay property transfer duty on the actual value of the land or property, rather than on the amount you paid for it.
Stamp duty rates relevant to property in the Northern Territory are as follows:
Up to $525,000 = (0.06571441 x V) + 15V, where V is 1/1,000 of the property’s dutiable value
$525,001 - $3,000,000 = 4.95% of the property value
$3,000,0001 - $5,000,000 = 5.75% of the property value
Over $5,000,000 = 5.95% of the property value
For example, for a property valued at $500,000, the formula would be as follows: D = (0.06571441 x 250,000) + $7,500 (where V=500). This brings you to a total of $23,928.60 payable in stamp duty.
Property value | Transfer duty rate |
|---|---|
Up to $525,000 | (0.06571441 x V) + 15V, where V is 1/1,000 of the property’s dutiable value |
$525,001 to $3,000,000 | 4.95% of the property value |
$3,000,0001 to $5,000,000 | 5.75% of the property value |
Over $5,000,000 | 5.95% of the property value |
In the Northern Territory, stamp duty is due to be paid 60 days after entering into the transaction or settlement. However, there are exemptions and concessions so it is always a good idea to check if you’re on that list.
You can pay for stamp duty on the Northern Territory Government Integrated Revenue Application website. The money is paid into the Central Holding Authority of the Northern Territory.
Like other state government taxes, the money goes into the state budget, to be used to fund such public sectors as health, police, justice and emergency services, and roads and transport.
The Principal Place of Residence (PPR) concession is available all homebuyers purchasing a new home or land on which to build a home in the Northern Territory.
A property is considered a new home if it has never been previously lived in or sold as a place or residence. Substantially renovated homes may also be considered as a new home for the purpose of the PPRR.
There is also a Senior, Pensioner and Carer Concession (SPCC) to help eligible senior citizens, pensioners and carers that are not first home owners purchase a property. If an applicant is eligible for more than one concession or grant, they will only be entitled to the higher grant or concession amount. They cannot receive both simultaneously.
Exemptions also apply 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. Exemptions also exist for ownership transfers of family farms between family members.
Read more about stamp duty in the Northern Territory here.
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