Stamp Duty NSW (New South Wales)
NSW Stamp Duty
You are liable to NSW stamp duty if you are involved in a sale or transfer of land (including improvements) or a business in NSW.
A liability for stamp duty arises when the sale or transfer occurs and it is immaterial whether or not the transaction is effected by a written instrument or by other means, including electronic means. However, if the sale or transfer is effected by a written instrument, liability for stamp duty arises when the instrument is first executed.
Stamp Duty in New South Wales is payable within 3 months of the date liability arises. The purchaser or transferee is liable to pay the duty.
Stamp Duty charged in New South Wales
The NSW Government charges stamp duty on the following transactions:
- an agreement for the sale or transfer of dutiable property,
- a declaration of trust over dutiable property,
- a surrender of an interest in land in New South Wales,
- a foreclosure of a mortgage over dutiable property,
- a vesting of dutiable property,
- the enlargement of a term in land into a fee simple under section 134 of the Conveyancing Act 1919,
- a vesting of land in New South Wales by statute law, whether inside or outside Australia,
- a lease in respect of which a premium is paid or agreed to be paid.
For more information check Duties Act 1997.
Who are exempt from paying stamp duty in NSW?
As an incentive for first home buyers New South Wales Government offer stamp duty concessions to first home purchasers:.
- For Residential Home - You do not have to pay stamp duty on the purchase of a home up to $550,000. There is also First Home Plus concession on a home between $550,000 and $650,000 - multiply the purchase price by 0.2474 and subtract $136,070 (or use our calculator).
- For a Vacant Land - You do not have to pay stamp duty on the purchase of vacant land up to $350,000. The First Home Plus concession is available on land between $350,000 and $450,000 - multiply the purchase price by 0.1574 and then subtract $55,090. (or use our calculator)
On 6th September 2011 the NSW State Government announced that as of 1st January 2012 stamp duty concessions will only be available to first home buyers purchasing a brand new home or vacant land intended to be used as a site for a first home. So purchasers of established properties will no longer receive a stamp duty concession as of 1st January 2012.
First Home Owner Grant (New Homes) Scheme
First Home Owner Grant (New Homes) Scheme started from 1 October 2012 has replaced the old First Home Owner Grant Scheme. The new scheme will only apply to first home owners who purchase or build a new home valued at up to $650,000. The grant will be $15,000 from 1 October 2012 to 31 December 2013 and will reduce to $10,000 from 1 January 2014.
Stamp Duty NSW - Rates
Below is the table of NSW Stamp Duty rates for an Owner Occupied or Investment purchase:
|Value of property||Rate of duty|
$0 - $14,000
$1.25 for every $100 or part of the dutiable value
$14,001 - $30,000
$175 plus $1.50 for every $100 or part , by which the dutiable value exceeds $14,000
$30,001 - $80,000
$415 plus $1.75 for every $100 or part, by which the dutiable value exceeds $30,000
$80,001 - $300,000
$1,290 plus $3.50 for every $100 or part, by which the dutiable value exceeds $80,000
$300,001 - $1m
$8,990 plus $4.50 for every $100 or part, by which the dutiable value exceeds $300,000
$40,490 plus $5.50 for every $100 or part, by which the dutiable value exceeds $1,000,000
$150,490 plus $7.00 for every $100 or part, by which the dutiable value of the residential property exceeds $3,000,000.
Other Related Fees
Mortgage Registration Fee: $104.50.
Land Transfer Fee: $209.00.
Stamp Duty Calculator NSW
The easiest way to calculate stamp duty in NSW and compare it with other states is to use our stamp duty calculator.