Stamp Duty on Transfers of Land New South Wales NON-FIRST HOME BUYER - STAMP DUTY PAYABLE - NSW $0 - $14,000 $1.25 for every $100 or part of the dutiable value $14,001 - $30,000 $175 plus $1.50 for every $100 or part, by which the dutiable value exceeds $14,000 $30,001 - $80,000 $415 plus $1.75 for every $100 or part, by which the dutiable value exceeds $30,000 $80,001 - $300,000 $1,290 plus $3.50 for every $100 or part, by which the dutiable value exceeds $80,000 $300,001 - $1,000,000 $8,990 plus $4.50 for every $100 or part, by which the dutiable value exceeds $300,000 over $1,000,000 $40,490 plus $5.50 for every $100 or part, by which the dutiable value exceeds $1,000,000 Source: NSW Office of State Revenue do not have to pay duty on the purchase of a home up to $500,000. For homes buyers who face a purchase price between $500,000 and $600,000, stamp duty payable equals the purchase price multiplied by 0.2249, minus $112,500. For purchase prices above $600,000, there is no stamp duty concession. FIRST HOME BUYER CONCESSIONS NSW Dwelling price Duty Payable With concession saving $100,000 $1,990 $1,990 $0 $1,990 $200,000 $5,490 $5,490 $0 $5,490 $300,000 $8,990 $8,990 $0 $8,990 $400,000 $13,490 $13,490 $0 $13,490 $500,000 $17,990 $17,990 $0 $17,990 $600,000 $22,490 $0 $22,490 $0 $700,000 $26,990 $0 $26,990 $0 Source: NSW Office of State Revenue
Victoria Non-First home buyers NON-FIRST HOME BUYER - STAMP DUTY PAYABLE - VIC $0 - $20,000 1.4 per cent of the dutiable value of the property $20,001 - $115,000 $280 plus 2.4 per cent of the dutiable value in excess of $20,000 $115,001 - $870,000 $2,560 plus 6 per cent of the dutiable value in excess of $115,000 More than $870,000 Source: VIC State Revenue Office 5.5 per cent of the dutiable value The Victorian Government currently provides assistance to eligible pensioners and concession cardholders through full and partial duty exemptions on home purchases. Individuals holding a Pensioner card, a Centrelink Health Card, or a Department of Veteran Affairs Gold card are all eligible for the concession, provided the applicant has not previously received any exemption or concession from stamp duty. First-home buyers All eligible first home buyers who qualify for the Victorian Government s $7000 First Home Owner Grant may be eligible for an additional First Home Bonus payment. A $5000 bonus payment applies to contracts entered into between 1 May 2004 and 31 December 2005 and a $3000 bonus payment applies to contracts entered into between 1 January 2006 and 30 June 2007. To be eligible to receive the Bonus payment, the value of the property purchased must not exceed $500,000. The stamp duty payable for those who are eligible for the First Home Bonus is set out below. FIRST HOME BUYER CONCESSIONS Victoria With FHB With FHB saving $100,000 $2,200 $3,000 $0 $2,200 $200,000 $7,660 $3,000 $4,660 $3,000 $300,000 $13,660 $3,000 $10,660 $3,000 $400,000 $19,660 $3,000 $16,660 $3,000 $500,000 $25,660 $3,000 $22,660 $3,000 $600,000 $31,660 $0 $31,660 $0 $700,000 $37,660 $0 $37,660 $0 Source: VIC State Revenue Office
Queensland NON-FIRST HOME BUYER - STAMP DUTY PAYABLE - QLD $0 - $20,000 $1.50 for each $100, or part of $100 $20,001 - $50,000 $300 plus $2.25 for each $100, or part of $100 by which the dutiable value is more than $20,000 $50,001 - $100,000 $975 plus $2.75 for each $100, or part of $100 by which the dutiable value is more than $50,000 $100,001 - $250,000 $2350 plus $3.25 for each $100, or part of $100 by which the dutiable value is more than $100,000 $250,001 - $500,000 $7225 plus $3.50 for each $100, or part of $100 by which the dutiable value is more than $250,000 More than $500,000 Source: QLD State Revenue Office $15,975, plus $3.75 for each $100, or part of $100 by which the dutiable value is more than $500,000 From 1 July 2006, stamp duty rates below $500,000 will remain unchanged, but the threshold for the principal place of residence concession will increase from $300,000 to $320,000. The net effect of these changes is that no one purchasing a home below the value of $700,000 will pay more than previously. FIRST HOME BUYER CONCESSIONS Queensland With concession saving $100,000 $1,000 $2,500 $0 $1,000 $200,000 $2,000 $2,500 $0 $2,000 $300,000 $3,000 $2,000 $1,000 $2,000 $400,000 $6,500 $1,000 $5,500 $1,000 $500,000 $10,000 $0 $10,000 $0 $600,000 $14,750 $0 $14,750 $0 Source: QLD Office of State Revenue
South Australia NON-FIRST HOME BUYER - STAMP DUTY PAYABLE -SA $0 - $12,000 $1.00 for every $100 or part of $100 $12,001 - $30,000 $120 plus $2.00 for every $100 or part of $100 over $12,000 $30,001 - $50,000 $480 plus $3.00 for every $100 or part of $100 over $30,000 $50,001 - $100,000 $1,080 plus $3.50 for every $100 or part of $100 over $50,000 $100,001 - $200,000 $2,830 plus $4.00 for every $100 or part of $100 over $100,000 $200,001 - $250,000 $6,830 plus $4.25 for every $100 or part of $100 over $200,000 $250,001 - $300,000 $8,955 plus $4.75 for every $100 or part of $100 over $250,000 $300,001 - $500,000 $11,330 plus $5.00 for every $100 or part of $100 over $300,000 More than $500,000 $21,330 plus $5.50 for every $100 or part of $100 over $500,000 Source: Revenue SA First-Home Buyers For properties where the contract to purchase the first home is entered into on or after 27 May 2004, first home purchases up to $80,500 receive a full concession. For first home purchases where the property is valued between $80,501 and $150,000, the concession is 50%. Thereafter the concession reduces by $24 for every $1,000 increase in property value above $150,000 and phases out completely for first home purchases above $250,000. FIRST HOME BUYER CONCESSIONS South Australia With concession saving $100,000 $2,830 $1,415 $1,415 $1,415 $200,000 $6,830 $1,215 $5,615 $1,215 $300,000 $11,330 $0 $11,330 $0 $400,000 $16,330 $0 $16,330 $0 $500,000 $21,330 $0 $21,330 $0 $600,000 $26,380 $0 $26,380 $0 Source: Revenue SA
Western Australia NON-FIRST HOME BUYER - STAMP DUTY PAYABLE - WA $0 - $80,000 $2.00 Per $100 or part thereof $80,001 - $100,000 $1,600 + $3.00 Per $100 or part thereof above $ 80,000 $100,001 - $250,000 $2,200 + $4.00 Per $100 or part thereof above $100,000 $250,001 - $500,000 $8,200 + $5.00 Per $100 or part thereof above $250,000 More than $500,000 $20,700 + $5.40 Per $100 or part thereof above $500,000 Source: WA Office of State Revenue There is a full concession for property purchased to the value of $250,000. For purchases between $250,001 and $350,000, a special First Home Owner Rate applies, being $13.20 per $100 or part thereof above $250,000. Purchases above $350,000 receive no concessions. FIRST HOME BUYER CONCESSIONS WA With saving $100,000 $1,500 $1,500 $0 $1,500 $200,000 $6,200 $6,200 $0 $6,200 $300,000 $10,700 $4,100 $6,600 $4,100 $400,000 $15,700 $0 $15,700 $0 $500,000 $20,700 $0 $20,700 $0 $600,000 $26,100 $0 $26,100 $0 $700,000 $31,500 $0 $31,500 $0 Source: WA Office of State Revenue
Tasmania NON-FIRST HOME BUYER - STAMP DUTY PAYABLE - TAS $0 - $1300 $20 $1301 - $10,000 $1.50 for every $100, or part, of the dutiable value $10,001 - $30,000 $150 plus $2 for every $100, or part, by which the dutiable value exceeds $10 000 $30,001 - $75,000 $550 plus $2.50 for every $100, or part, by which the dutiable value exceeds $30 000 $75 001 - $150,000 $1 675 plus $3 for every $100, or part, by which the dutiable value exceeds $75 000 $150,000 - $225,000 $3 925 plus $3.50 for every $100, or part, by which the dutiable value exceeds $150 000 More than $225,000 $6 550 plus $4 for every $100, or part, by which the dutiable value exceeds $225 000 Source: TAS State Revenue Office From 20 May 2004, purchasers eligible for the First Home Owner Grant will benefit from the introduction of a concessional rate on duty payable on property conveyances. The concessional rate of up to $4 000 will apply to contracts entered into for property purchases up to the value of $350 000. FIRST HOME BUYER CONCESSIONS TAS With saving $100,000 $2,425 $4,000 $0 $2,425 $200,000 $5,675 $4,000 $1,675 $4,000 $300,000 $9,550 $4,000 $5,550 $4,000 $400,000 $13,550 $0 $13,550 $0 $500,000 $17,550 $0 $17,550 $0 $600,000 $21,550 $0 $21,550 $0 $700,000 $25,550 $0 $25,550 $0 Source: TAS State Revenue Office
Australian Capital Territory Duty is calculated on the greater of the purchase price or market value. NON-FIRST HOME BUYER - STAMP DUTY PAYABLE - ACT $0 - $100,000 $20 or $2.00 per $100 or part thereof, whichever is greater. $100,001 - $200,000 $2,000 plus $3.50 per $100 or part thereof by which the value exceeds $100,000. $200,001 - $300,000 $5,500 plus $4.00 per $100 or part thereof by which the value exceeds $200,000. $300,001 - $500,000 $9,500 plus $5.50 per $100 or part thereof by which the value exceeds $300,000. $500,001 - $1,000,000 $20,500 plus $5.75 per $100 or part thereof by which the value exceeds $500,000. More than $1,000,000 $49,250 plus $6.75 per $100 or part thereof by which the value exceeds $1,000,000. Source: ACT Revenue Office For property value of $287,100 or less, the duty payable is $20. For property value between $287,100 and less than $389,300, the duty payable is $14.10 for each $100 or part thereof by which the dutiable value exceeds $287,100 ($20 minimum). For a property value of $389,300 or more, there is no concession. FIRST HOME BUYER CONCESSIONS Australian Capital Territory With saving $100,000 $2,000 $2,000 $0 $2,000 $200,000 $5,500 $5,500 $0 $5,500 $300,000 $9,500 $7,681 $1,819 $7,681 $400,000 $15,000 $0 $15,000 $0 $500,000 $20,500 $0 $20,500 $0 $600,000 $26,250 $0 $26,250 $0 $700,000 $32,000 $0 $32,000 $0 Source: ACT Revenue Office
Northern Territory The calculation of stamp duty on conveyances in the Northern Territory is more complex than in the other states. For property values of less than $500,000, the duty payable equals (0.065 x V 2 ) + 21V, where V is the value of the property divided by 1000. For property values above $500,000, stamp duty payable is 5.4 per cent of the value obtained in the above formula, plus $5.00 at the rate specified in the above formula. For contracts executed (signed) on or after 20 June 2005, a concession of up to $8 015.60 off the stamp duty payable is available. This represents the duty on the first $225 000 of the property's value. For contracts executed between 20 August 2002 and 20 May 2005 the maximum concession is $3 640.60 and for contracts executed between 03 May 2005 and 19 June 2005, the maximum concession is $6 800. FIRST HOME BUYER CONCESSIONS NT Duty Dwelling price Payable No With concession saving $100,000 $250 $250 $0 $0 $200,000 $4,300 $4,300 $0 $4,300 $300,000 $9,650 $5,516 $4,134 $4,134 $400,000 $16,300 $5,516 $10,784 $10,784 $500,000 $24,250 $5,516 $18,734 $18,734 Source: NT Treasury Revenue Management