Stamp Duty Australia
Stamp duty is imposed upon certain documents and some undocumented acquisitions. This includes the selling of real estate of vehicles.
The Australian federal government does not levy stamp duty. However, stamp duty is levied by the states on various instruments (i.e., written documents) and transactions. The rates of stamp duty vary from State to State, as do the nature of the instruments or transactions subject to duty. Some jurisdictions no longer require a physical document to attract what is now often referred to as "transaction duty."
Major forms of duty include the transfer duty on the sale of land, businesses, shares and other forms of dutiable property; mortgage duty; lease duty and duty on the hire of goods. Rebates or exemptions are available from transfer duty and mortgage duty for those purchasing their first home.
The value of stamp duty which must be paid varies from state to state, house to house, dependent on the value of the home. For example, on a property worth $300,000 in Victoria, stamp duty would be nearly $14,000, where as in Tasmania the figure would be closer to $10,000.
Most states offer various concessions on stamp duty for first home buyers.
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