Kitchen Renovations: Transforming Your Space into a Culinary Haven The kitchen is often referred to as the heart of the home. It’s where families gather, meals are prepared, and memories are made. Over time, however, kitchens can begin to feel outdated, cramped, or inefficient. Whether you’re looking to refresh a … Read more
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What is stamp or transfer duty?
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
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