Stamp duty is generally payable on transfers of ownership of land or business within New South Wales (unless you are entitled to a stamp duty exemption or concession). Stamp duty is paid to the New South Wales Office of State Revenue.
A stamp duty calculator is available on the Office of State Revenue’s website.
First Home Owners
There are also exemptions/concessions on stamp duty for first home owners under the First Home New Home Scheme:
- for new homes valued up to $550,000 – exemption
- for new homes valued between $550,000 and $650,000 – concession
- for blocks of land valued up to $350,000 – exemption
- for blocks of land valued between $350,000 and $450,000 – concession
Transfer to your Self-Managed Superannuation Fund (SMSF)
There is a reduced duty of $50 payable on transfers of title from your name to your SMSF (section 62A Duties Act 1997 (NSW)) (subject to certain rules set out in the section).
Transfer pursuant to a family law property settlement
If the ownership of a property is transferred as a result of a family law property settlement (e.g. from both spouse names to just one name), then the transfer is exempt from stamp duty.
Transfer of a deceased estate property
A transfer of a deceased’s property to the legal representative (executor) or a beneficiary, pursuant to the Will, is exempt from stamp duty.
Establishment of a trust
The establishment of a trust, such as a family discretionary trust, is subject to $500 stamp duty.
When is stamp duty payable?
Stamp duty is payable within 3 months after the duty to pay liability arises, otherwise interest will be charged.
However, if the property is being purchased “off the plan”, then stamp duty is payable:
(a) at settlement/completion; or
(b) after 12 months from the date of exchange,
whichever occurs first.