Stamp Duty
Stamp Duty may be described as tax that imposed on different transactions like
buying selling of property, shares, vehicles, different assets etc to cover
costs of legal documents etc. These costs can vary in different states.
Depending upon the type of transaction, the duty can be charged at a flat rate
or depending upon the value of the property. Whilst buying a property, the
different taxes that can be applicable are stamp duty on property, stamp duty on
loan, mortgage registration fee and transfer fee. You could the different stamp
duty calculators available on the internet to find out the costs.
Stamp Duty Exemptions
Exemptions on stamp duty vary from state to state; it is recommended you contact
your solicitor or professional to check if you are eligible for any of them.
If you are a first home buyer you may not have to pay the stamp duty and you
could also be eligible to other stamp duty concessions. The first home buyers are eligible
for a scheme called the First Home Buyers Scheme (FHBS) that was introduced by
the federal government on 1 July 2000 to combat the GST on home ownership. It is
a national scheme funded by all the states and territories.