Stamp duty calculator Australia
The stamp duty calculator for Australia will let you calculate the duty you have to pay for the property you bought. Our calculator has different options for accurate results like the use of property, the first buyer option, as well as the state of the land.
Upon purchasing the home or any investment property, you have to pay the stamp duty for the property. The stamp duty variates from the type of property like the reason to buy. The amount of duty will be different for the peoples who are buying for a living as well as the people who are buying the property for sake of the investment.
Not only the reason for buying the property, but it also depends on the state in which you are buying.
What is Stamp Duty?
This is a type of tax that is applied to the transaction that is done for the transfer of property, or mortgages.
The Stamp duty is also known as the transfer duty while this tax is one of the most revenue generators for the state of Australia. Talking about the global stamp duty, almost all the countries apply this tax upon transferring the property.
However, each country has its own rules and percentage of tax.
For example, Australia has different implications for the one that is owning the house for the first time while for investment purposes, it has some extra tax.
It sometimes becomes more complicated when calculating the stamp duty for the property you bought because of the different factors behind the calculation.
How to calculate the Stamp duty for Australian Regions?
The transfer tax varies from state to state while the buyer has to pay the whole stamp tax. Stamp duty is applicable on the value for which you have bought the property while it can also be applied to the current market value of the property.
The percentage of this duty increase with the increasing value of the property. Some of the states have the rule to slot your property in the value category like between $100,000 - $250,000.
This means the value for tax will be lump sum and will be declared under a specific category.
Factors that affect the stamp duty
There are some more factors besides the state of the property and the value. All of these factors are important to consider when calculating stamp duty.
Here are some of the factors hence rules for stamp duty calculation:
• For transferring over death or divorce, the holder of the property will not pay the stamp duty over the property.
• When a buyer buys a property for the first time, he/she doesn’t have to pay the duty under the first-home owner scheme.
• The Government of different states offer the concession over the stamp duty for people who are having their income through pensions, carers, or they are farmers.
• One of the important factors is the status of your lifestyle like if you are a foreign purchaser then you have to pay more for it.
• During calculation, it is requiring to consider whether you are buying for investment purpose or for living. If you are buying for living purposes then you need to pay less as compare to buying for the investment.