What is stamp duty, and how exactly does it work in New South Wales?

We asked Brighter Finance Founder Marcus Roberts for his advice.

“Stamp duty, as it relates to property, is a tax on a sale or transfer of land (including improvements),” 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.”

Marcus said the purchaser of the property is liable for stamp duty, and they must pay it 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 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.

You might also like:
> Stamp duty reform first in a generation
> Lending to Australian housing investors continues to fall in April
> What if I want a higher than recommended rent for my property?

Marcus Roberts
Marcus Roberts

Marcus Robert is the Founder of Brighter Finance, a mortgage broker based in Annandale, New South Wales. With close to 20 years of experience in banking and financial services, Marcus works as a director, podcaster, speaker and source to the media in providing financial education around property and debt management. Marcus has been quoted or referenced on Forbes, Business Insider, Huffington Post, Inc., and SBS for his advice on various topics.

SHARE

NO COMMENTS

LEAVE A REPLY