Stamp duty

The New South Wales Stamp Duties Office requires stamp duty to be paid on all transfer of dutiable property. Dutiable property in short includes land and goodwill.

Stamp duty is calculated on the amount paid for the property or the current market value, whichever is the higher.

Stamp duty must be paid within 3 months from the contract date. However, if you are obtaining a loan for the purchase your bank will require stamp duty be paid at settlement.

There are situations where Stamp Duty is exempted. The most common exemption is for First Home Buyers.

The government constantly introduces incentives to boost the housing market, for instance, stamp duty on mortgages and business assets (other than lands) will be abolished on July 2012. Please contact our Newcastle Office to find out whether you may qualify for an exemption or reduction in stamp duty.

To calculate stamp duty visit the Office of State Revenue Stamp Duty Online Calculator. And for more information on stamp duty visit the Office of State Revenue website.

Please feel free to contact Boyd Conveyancing Services should you have any questions regarding stamp duty in NSW.