To buy a house in Australia, we must face the problem of stamp duty. The calculation of stamp duty varies from state to state in Australia, typically between 4% and 5% of house prices. This fee usually requires a one-off payment at the time of delivery and must be included in the budget for home purchase costs in advance. Although we are no stranger to stamp duty, but I believe there are still many people still can not really understand the specific calculation method of stamp duty, let's take a look at the Australian states stamp duty in-depth and comprehensive calculation.
1. What is the stamp duty?
From the base, the stamp duty is the added tax for a large number of acquisitions, including the sale of real estate, cycling and commercial assets. The same applies to housing loans, gifts and some insurance products. As the case may be, the tax may be paid by the purchaser or the borrower, in the amount of a uniform charge or based on the size of the transaction amount, but in the case of the purchase of the real estate sector, this portion of the money is paid by the buyer.
2, when will stamp duty be paid?
Legally, stamp duty should be paid within 30 days of the transaction of the house.
3. Does everyone have to pay stamp duty?
All land transfers or property sales are subject to stamp duty. But in certain cases, there are some exemptions or concessions in some states.
Some of the concessions are for the following:
- retiree
- First-time home buyers
- Family Farm
- Young peasants
- Main place of residence
- Prospective house sales
(according to the requirements of different regions, even the above-mentioned people may not be able to get exemption.)
4. Why are stamp duty points different from state to state?
The Federal Government of Australia does not impose stamp duty, which is imposed by state and territorial governments. And the levies vary from state to state.
However, the tax is generally based on two factors-the market value of the property or the price of the property (including excise tax).
How much stamp duty should we pay if we buy a house?
The following is how tax rates are calculated in the main states or territories:
Method of calculating Stamp Duty on Home purchase: New South Wales, New South Wales
Example: if the total value of a house is A $41.11562 billion. The last line of the New South Wales (Sydney) property stamp duty calculation: more than A $1 million in property stamp duty, the taxable amount in excess of A $1 million, paying A $5.50 A $40490 for every A $100. So the stamp duty on the house is: (4111562 / 1000000) * 5.50% 40490 / 211625.91 (around A $ two hundred and ten thousand).
Calculation of stamp duty on home purchase: Victoria, Victoria
For example: suppose investors buy a $twelve billion six hundred and sixty seven million two hundred thousand-worth property in Melbourne, with a total area of 470m2 and four bedrooms and two baths, and investors should follow the calculation of "more than A $ nine hundred and sixty thousand". So the method of calculation is: 1266720 / 5.5% and 69669.6 (about A $70,000).
Calculation method of stamp duty on purchase of houses: Queensland
For example: an apartment in a building on Queensland's Gold Coast costs about A $4.01 million, and according to the table above, the property is in the category of over A $1 million.
Stamp duty is calculated by: (4011280 / 1000000) * 5.75% 38025 / 211173.6 (around A $ two hundred and ten thousand).
If this is the first time an investor buys a home in Queensland, Australia, he will be entitled to a subsidy of A $15,000.
So the calculation is: (4011280 / 1000000) * 5.75% 38025 / 210000 = about A $ one hundred and ninety five thousand.
Australian state property stamp duty calculator, click here to enter.
