Welcome to the Understanding Conveyancing Video Series. In this post we will look at stamp duty and what liabilities arise from the purchase of property.
In New South Wales, the sale or transfer of land (including improvements) is normally liable to stamp duty. The liability arises when the sale or transfer occurs. Duty is payable within 3 months of the date of the transaction, or on settlement, whichever occurs sooner. The purchaser or transferee is liable to pay the duty.
Depending on your circumstances, as well as the type of property you are purchasing, you may be eligible for stamp duty concessions or exemptions. The most well known benefit is the “First Home Plus” benefit. This benefit grants you a concession or exemption if you are purchasing your first residential property to live in. The property must be a new property or an off-the-plan property and it grants you an concession or exemption on stamp duty for the property, so long as the property is not more expensive than $600,000.
Look out for our other articles on conveyancing and property transaction in New South Wales. We are conveyancing lawyers in Parramatta providing fixed fee conveyancing services and updates in property law.