Stamp duty

Stamp duty is imposed on most transfers of property unless exempt by statute. The duty payable is based on the greater of:

Stamp duty is payable according to a sliding scale that varies between jurisdictions. To determine the amount of stamp duty payable on a transfer of property, see the following example:

Example: A property located in Victoria costs $1,000,000. Using the figures provided in Table ‘Victorian stamp duty rates’, the amount of stamp duty payable by the purchaser is $55,000 (5.5% of 1,000,000).

Table: Victorian stamp duty rates

Property value Duty payable
0 – $25,000 1.4 % of the dutiable value of the property
$25,000 – $130,000 $350 + 2.4% of the dutiable value in excess of $25,000
$130,001-$960,000 $2,870 plus 6% of the dutiable value in excess of $130,000
More than $960,000 5.5% of the dutiable value

 

If you don’t pay your duty within 30 days of settlement, penalty tax and interest may apply.

**reference http://www.sro.vic.gov.au/node/1491 (29/6/2016)

How does stamp duty in Victoria compare with other States?

Appendix 1, Table 11: Stamp duty websites

Table: Stamp duty rates by State;

Purchase price $1 million $500,000 $250,000
Victoria 55,000 25,070 10,070
South Australia 48,830 21,330 8,955
Western Australia 42,616 17,765 6,935
NSW 40,490 17,990 7,240
Tasmania 40,185 18,248 7,935
Queensland 30,850 8,750 2,500

 

Stamp duty concessions are available where the purchaser is a first home buyer.

Each State and Territory Revenue Office is responsible for administering the collection of stamp duty and any concessions for first home buyers Table 5.2 illustrates that there are differences between the States. Further differences include the imposition of duty on mortgages and charges except in Victoria. Only New South Wales and Queensland impose duty on the grant of lease of real property. Thus stamp duty costs will vary from State to State on different transactions.