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What is Stamp or Transfer Duty?

By Rick Schafer

Stamp duty is a tax imposed on numerous acquisitions, including selling real estate, cars and assets belonging to a business.

In the case of real estate, the purchaser is the one who pays the tax. It is a legal requirement for stamp duty to be paid within 30 days of the settlement date. All transfers of land or sales of property, including gifts of property attract a duty, but there are a few exceptions to this, including:

  • Pensioners
  • Deceased estates
  • First home buyers
  • Family farms
  • Young farmers
  • Principle place of residence
  • Off-the-plan sales

As stamp duty isn’t a tax levied by the federal Government, the amount of stamp duty paid changes from state-to-sate. It’s worth researching the rate of your home state

Source: raywhite.com

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