“What is stamp duty and how does it work in New South Wales?” Owner, NSW
We asked Brighter Finance Director, Marcus Roberts for his advice.
“Stamp duty, as it relates to property, is a tax on a sale or transfer of land (including improvements) in NSW,” Marcus explained.
“If you are buying property in NSW, you should complete a purchaser/transferee declaration, which your solicitor or conveyancer will then lodge with Revenue NSW.”
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Marcus said the purchaser of the property is liable for stamp duty and it must be paid within three months of the liability arising.
“Revenue NSW provides an up-to-date list matrix of stamp duty payable and in any purchase, it is advisable for the purchaser to understand the stamp duty implications of the purchase price,” he said.
“Stamp duty is collected and then used by the state to be invested back into the economy.”
“There are, however, some exemptions and concessions, such as those available to first home buyers, and it is important to see if you qualify for any concession or exemption when performing your due diligence on a potential purchase,” he concluded.
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