Stamp duty is a one-off government fee you will be required to pay when you buy land or property in South Australia. Stamp duty is imposed following the transfer of a title whether it be for residential, commercial, or investment purposes.
The duty is calculated on the market value of the property. The more expensive the asset, the higher the transfer duty rate you’ll have to pay.
Transfer duty rates relevant to property values in South Australia are as follows:
Below $12,000 = $1.00 for every $100 or part of $100
$12,000 - $30,000 = $120 plus $2.00 for every $100 or part of $100 over $12,000
$30,000 - $50,000 = $480 plus $3.00 for every $100 or part of $100 over $30,000
$50,000 - $100,000 = $1,080 plus $3.50 for every $100 or part of $100 over $50,000
$100,000 - $200,000 = $2,830 plus $4.00 for every $100 or part of $100 over $100,000
$200,000 - $250,000 = $6,830 plus $4.25 for every $100 or part of $100 over $200,000
$250,000 - $300,000 = $8,955 plus $4.75 for every $100 or part of $100 over $250,000
$300,000 - $500,000 = $11,330 plus $5.00 for every $100 or part of $100 over $300,000
Over $500,000 = $21,330 plus $5.50 for every $100 or part of $100 over $500,000
In South Australia, stamp duty is payable to the Department of Treasury and Finance of South Australia. Certain documents and forms must be lodged depending on how you are obtaining the property. There are several ways you can pay, including by mail and BPay.
Stamp duty is a tax, and therefore the money will go towards the South Australian state government budget. The money is put back into the economy, and used to fund public sectors such as health, emergency services, roads and transport, and education and training.
You become liable for stamp duty when the transaction or sale is finalised, and contracts are either exchanged or completed.
The Off-the-Plan Concession was available for homebuyers purchasing an off-the-plan apartment or substantially refurbished apartment anywhere in South Australia between 20 June 2016 and 30 June 2018.
Exemptions also apply if the property is being transferred from an estate of a deceased person to a beneficiary under the will. Similarly, you may be exempt from paying transfer duty if transferring property ownership between current or former spouses/domestic partners.
South Australia does not offer a stamp duty concession or exemption specifically for first home buyers.
Foreign buyers purchasing residential property in South Australia will be required to pay a stamp duty surcharge of 7% in addition to the duty that is otherwise payable.
Read more about stamp duty in South Australia here.