Understanding your stamp duty
In general, stamp duty on property purchases in Australia is calculated as a percentage of the property's sale price or market value, depending on which is higher.
1. Calculating your stamp duty
Use our free stamp duty calculators and take the guesswork out of budgeting for a property. Stamp duty rates may also vary based on factors such as the type of property being purchased, the location of the property, and whether the purchaser is a first-time buyer or not.
2. Consider your unique circumstances
The amount of stamp duty you are required to pay differs in each state, however there are three universal factors, along with the value of the property, that determine how much stamp duty you will pay. Contributing factors include:
Whether or not the property is a primary residence or investment property.
Whether or not you’re a first home buyer.
If you are purchasing an established home, a new home or vacant land.
3. Look for tax concessions.
In addition to stamp duty, there are also various government incentives and tax concessions available to home buyers in Australia, depending on their circumstances.
For example, the First Home Loan Deposit Scheme and the First Home Super Saver Scheme are designed to help first-time buyers get onto the property ladder by reducing the amount of money they need to save for a deposit.
Other incentives, such as the Home Builder scheme, provide grants to homeowners who are building or renovating their homes. Finally, there are various tax concessions available to property investors, such as negative gearing and depreciation deductions, which can help to reduce their tax liability.
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