Stamp Duty

Stamp Duty is a tax that you must pay when carrying out transactions that require legal documents. Deeds of Conveyance, Deeds of Gift, Deeds of Mortgage, Release of Mortgage Loan, Transfer of Shares, Deeds of Lease, Deed Polls, Bonds, and any other deeds, require “stamping”, which means you must pay duty.

You must pay Stamp Duty when buying real estate or a home, acquiring shares, seeking a mortgage, or conducting other financial transactions. The attorney, company or broker that is involved in these transactions can tell you which documents require stamping.

Stamp Duty Cost

The amount of stamp duty is usually a percentage of the value of the transaction you are undertaking. 

RESIDENTIAL PROPERTY (INCLUDING DWELLING HOUSE)

The sale or other disposal of residential properties valued at $850,000 or less SHALL BE EXEMPT from stamp duty.

The following rates of stamp duty SHALL BE payable on the sale or other disposal of residential properties (with dwelling house) whose values exceed $850,000:

For every dollar of the first $400,000 in excess of $850,000 – 3%

For every dollar of the next $500,000 – 5%

For every dollar thereafter – 7.5%

RESIDENTIAL PROPERTY (LAND ONLY)

The sale or disposal of residential land valued at $450,000 or less shall be EXEMPT from Stamp Duty.

For every dollar of the first $200,000 in excess of $450,000 – 2%

For every dollar of the next $200,000 in excess of $650,000 – 5%

For every dollar thereafter in excess of $850,000 – 7%