Stamp Duty on a purchase: What it will cost you
Did you know that every property transaction in NSW requires Stamp Duty to be paid? There are different versions of Stamp Duty to be paid and the circumstances of your property purchase dictates the amount of Stamp Duty payable. This article will explore the differing types of Stamp Duty payable for property transactions.
Stamp Duty Calculator
The Stamp Duty calculator is a tool that can be utilised to provide an amount payable as to Stamp Duty.
The NSW Government offers a free Stamp Duty calculator which can be found here:
Transfer of land or business calculator (nsw.gov.au)
Foreign Investors Stamp Duty
Foreign individuals who purchase property in NSW are required to pay a surcharge on the Stamp Duty. The surcharge is calculated at 8%, in addition to the regular Stamp Duty requirements. This surcharge does not apply to:
· Australian citizens;
· Australian permanent residents; and
· New Zealand citizens who hold a subclass 444 visa.
It is important to note that a foreign individual can be:
· An individual;
· A corporation;
· A trust;
· A foreign government;
· A government investor; and
· A partner in a limited partnership.
Luxury Stamp Duty
For properties valued over $3,194,000 in NSW there is a further Luxury Stamp Duty that is payable on all property transactions. The amount of Luxury Stamp Duty payable on property transactions can be calculated on the Stamp Duty calculator found above.
Further information on Luxury Stamp Duty can be found at:
Thinking of buying or selling a property?
Contact the team at Wainwright Legal and let one of our friendly staff assist you