Stamp Duty in Australia 2020

Every individual who is into buying or even the first time-buyers, are always eager to know about stamp duty. When deciding out the total budget, the stamp duty is an amount which cannot be negotiated. Stamp duty, as everybody knows, is not fixed. Therefore, the first time buyers or the purchasers ‘’new’’ to the experience of buying, are especially advised to know all they can about stamp duty rates and gather as much information as they possibly can about this amount.

Stamp duty, being dependent upon a number of important and prominent factors, is not fixed. It is different in different states being in the same country, varies from country to country which is pretty obvious due to difference in currencies and all, and is also dependent upon the rate of the specific property.
Moreover, one important thing to be brought under consideration is that stamp duty has also changed over the years for different reasons. If you last purchased a land or a property in 2011, you cannot expect the rate just to be the same in 2019 which is also pretty obvious as the property rates keep going up and down like that.

As it has already been mentioned above. The rates of stamp duty keep on changing gradually with time. Therefore, being in-touch to the yearly changes is very essential especially for the people who are into buying and do it often.

In case you didn’t know, Australia has the world’s most consistent property markets. Due to this consistency, people see lesser decline and hence there are a lot of people investing in the Australian property. The consistent capital growth of properties, strong consumer protection legislation and so much more factors also account for the reason why people are highly interested in the Australian property.

Now Australia, being comprised of 08 different states, has different amount of stamp duty for each. Due to this reason, it is essential to talk about the current rates of stamp duty for 2020, in Australia and the changes when brought into comparison with the previous years. Before you make decision to buy property in Australia, it is recommended to use stamp duty calculator Australia to check the estimated stamp fee in Australia and in its states.

1- Queensland:
Starting off with Queensland. Queensland has one slight change as compared to the other ones and that change is that stamp duty rates are not determined by the property value only here, as in the other states. But it is also measured by knowing if the property being purchased is an investment property or a private one.

Starting off with the overall value. The stamp duty is 3.1% of the property’s original price. However, if an international person tends to buy a residential land, an additional 3% percent (along with that 3.1%) is levied upon them.

This simply means that if your property is more than $5k but reaches the maximum value of $75k, then $1.5 is levied for every hundred or a part.

2- Victoria:
Victoria somewhat differs too. In a way that Victoria makes some additions in the stamp duty depending upon the fact that if the land bought was used for residential or for the purpose of investing.

So, if for example, with the price of a $400k property, you will have to pay a stamp duty of 16,370. Moreover, if your property’s rate exceeds above $960k, then you have to pay a stamp duty of 5.5% keeping in view the dutiable amount.

3- Tasmania:
Tasmania’s stamp duty is dependent upon two main factors. It is either determined by the purchased price value or the market value, keeping into consideration, whichever one of the two is high. A flat fee along with some percentage is to be paid.

So this means, for a property worth $400k, the stamp duty payable is $13997.50. If your property exceeds the price of $725k, pay a price rate of $4.50 for every part of 100.

4- Western Australia:
For every purchase worth $400k, the price to be paid is $13,015. Along with that, if the property exceeds the price level of $725,001, then $28,453 with an additional 5.1% over every 100th part needs to be placed.

5- South Australian:
Moving towards South of Australia, the stamp duty payable has an additional 7% amount of the property’s value associated with it if it is being bought by a foreign vendor.
If the price of property exceeds $500k, the stamp duty rate falls somewhat around $21,330 with 5.5 for every 100th part.

6- Northern Territory:
Northern South Territory has stamp duty rates of 2019, falling higher than even the Australia’s Capital Territory ones.
So if you purchase a property worth $400k, the stamp duty rate is about $16,514. Moreover, in the Northern territory, you can know the stamp duty by applying a very simple formula which has been mentioned below.

D = (0.06571441 x V² ) + 15V*

7- New South Wales:
New South Wales, takes into consideration the rates of property’s before determining the rate of payable stamp duty. However, a simply summary is, if you purchase a property worth $14k, the stamp duty to be paid is $1.25, for every part of 100. Moreover, if the rate of property is above $1 million, then you need to pay a stamp duty of $40,490 with an additional amount of $5.50 for every 100th part.

8- Australian Capital Territory:
In Australian Capital Territory, a level of scale is brought under consideration for the determination of Stamp duty rates. The summary determines that the price is 2.37% of the property’s value. The price is again, determined by the worth of the property.

The rules for concessions might differ in every state. However, the concessioners and the first time buyers are provided relaxation to some extent. But this concession is provided under some certain rules. For example, the pensioners get concession only if they purchase a property ranging from $330k to $750k. These concessions are especially provided to the buyers of Queensland and South Australia.

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