While you are looking to purchase for any property in New South Wales, you have to pay a certain value as the Government Cost for any first hand home, owner occupied property or an investment. The cost is provided by the Stamp Duty Calculator NSW. For foreign purchasers, this calculator has a provision of Foreign Buyers Duty as well. You can check for any kinds of Exemption, Concessions or Grants on the NSW Stamp Duty Calculator.
Let us understand more about the LMI and stamp duty calculator and all the related information.
What Is Stamp Duty?
A home buyer is levied with a mandatory tax amount on any kind of property purchase which is called stamp duty. Again based on the territory or the state, the stamp duty payment date and time varies. Generally, a grace period is given to the buyer after purchasing the property.
Like for example, 3 months is the maximum period given to pay the stamp duty in NSW while 30 days or 1 month is the maximum period given in QLD to pay the stamp duty where as immediate or prior the purchase date the stamp duty payment needs to be done in SA.
How do you calculate stamp duty?
All the payments related to property purchase are based on the location of the property and similarly the fees and stamp duty amount vary on which location the land transfer is being done or the purchase is being done. Each region and territory have their own scale of stamp duty charges based on their own calculations. A stamp duty calculator on land is available to do such calculations.
Based on the dutiable value of the purchased or transferred land the stamp duty cost is finalized which is the purchased amount or the market value of the property at that particular time. The stamp duty will be lower for a lesser value property as the stamp duty bracket itself will be low.
How do I read the results of the calculator?
Initially as mentioned earlier the calculators are entirely location sensitive. So if in NSW for example, you will have to first enter the details in the NSW stamp duty calculator. Once it is done, the calculator will give out the results. As it is not only the stamp duty that is to be taken into consideration, this calculator will also give details for transfer fee and potential mortgage registration amount as well. And if you are a 1st time buyer then the calculator will also show the concessions offered by the government that are entitled to you.
How is stamp duty paid?
Generally, the one who buys the property pays the stamp duty levied on that property. There are many ways in which the stamp duty amount can be processed like cheque, bank transfers, credit card or debit card as well. Contact the conveyancer or the solicitor to get the details of the account to which the stamp duty needs to be paid. And that’s it.
Who can qualify for a stamp duty exemption?
Almost all the territories and the states have a few exemptions who do not fall into the band of stamp duty, so check out what are those categories here.
- First home buyer
- A transfer following the death of a property owner
- Transfer of property to a spouse
- Transfer to a charitable institution
You can contact us for more information on the same so that your property purchase process is smooth and hassle free.