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Stamp Duty on Properties and Investment Property

If you are a prospective home buyer, you have probably heard about stamp duty. Depending on which state you live in, you may have also heard the term transfer duty or conveyancing duty. Does it apply to you? Stamp duty is a tax every homeowner must pay when they purchase a residential property. The stamp duty rates you are liable for depending on the state or territory where you are purchasing. Generally, the duty rate is based on the purchase price, but this does depend on the state.

Stamp Duty Rates 

Stamp duties are classed as state revenue and vary from state to state. Generally, the typical rate is between three and four per cent of the property's value. However, you should use the relevant calculator for a more accurate total.

State By State Stamp Duty Breakdown 

Stamp duty on property in New South Wales (NSW)

Stamp duty on property valued under $16,000 is charged at $1.25 per $100. For properties worth $351,000 to $1,168,000 stamp duty is charged at $10,530 plus an additional $4.50 per $100 over $351,000. You have three months to pay once the contracts are signed. 

NSW Stamp Duty calculator 

The NSW Government budget for 2023-2024 provides new home buyers with the option to pay annual property taxes on properties up to $1.455 million rather than a stamp or transfer duty.

Stamp duty on property in the Northern Territory (NT)

In NT, stamp duty is between 4.95% and 5.95% for properties valued over $525,001 and you have 60 days from the settlement to pay the stamp duty owed. 

NT Stamp Duty calculator

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Stamp duty on property in Tasmania (TAS)

Tasmania levies stamp duties varying from 1.75% to 4.5%. You have three months from the property transfer to pay. 

TAS Stamp Duty calculator

Stamp duty on property in the Australian Capital Territory (ACT)

In the ACT, the entry category is property valued up to $260,000 and it is charged at $0.49 per $100. The highest category is property exceeding a value of $1,455,000 and is charged at a flat rate of $4.54 per $100. You have 14 days from receipt of the Notice of Assessment to pay. 

ACT Stamp Duty calculator

Stamp duty on property Queensland (QLD)

You do not need to pay stamp duty on properties valued below $5,000. Stamp duty on land valued up to $75,000 is calculated at $1.50 per $100. In Queensland, you must pay within 30 days of the settlement. 

QLD Stamp Duty calculator

Stamp duty on property Victoria (VIC) 

Stamp duty on property valued up to $25,000 is charged at a rate of 1.4%, rising on a sliding scale with the highest category being properties valued at over $960,001 and charged at 5.5%. In Victoria, you must pay within 30 days of the purchase settlement. 

VIC Stamp Duty calculator

Stamp duty on property in Western Australia (WA) 

In Western Australia, you do not need to pay stamp duty unless your property value exceeds $430,000 if you are a first home owner. You have one month from the issue of the duties assessment notice to pay stamp duty. 

WA Stamp Duty calculator

Stamp duty on property South Australia (SA)

This operates on a sliding scale over nine different property value categories. You cannot transfer property without paying stamp duty, it must be paid at settlement. 

SA Stamp Duty Calculator

Stamp Duty On Investment Property 

If you are interested in purchasing properties for investment purposes, then you may want to shop around for a state offering you the best stamp duty rates. Many states have different rates for investment properties and it can be considerably more expensive than it is for residential property buyers. 

Stamp Duty On Commercial Property 

Stamp duty is payable on commercial property purchases in most states and works on a sliding scale in the same way residential property purchases do.

How QuickBooks can help

QuickBooks makes accounting simple, whether you need a hand with tax calculations, keeping track of your expenses, GST and BAS, reports, or a little something of everything to improve your business operations. It doesn't get easier than QuickBooks.

While every care has been taken to ensure the accuracy of the information presented as at 12 April 2024, Intuit is not providing you with professional advice and we recommend you obtain your own professional advice. Intuit is not liable for your use of the information presented.


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