Navigating Stamp Duty Changes

One of the biggest challenges facing home buyers in Australia is covering the cost of stamp duty, a tax imposed by state governments when buying property. Stamp duty costs vary from state to state, but recent changes to stamp duty in some states could potentially provide some relief and incentives for home buyers. Read on to get an updated outline of the changes to stamp duty as well as links to stamp duty calculators in each state.

Australian Capital Territory

Properties valued at $200,000 and below = $20 or $1.48 per $100, whichever is the larger amount.

Sliding scale up to flat rate of $5.09 per $100 for properties worth $1,455,000 and above.

First home buyers may be eligible for concessional rates, and eligible pensioners also qualify for stamp duty concessions and exemptions.

Calculate stamp duty in ACT here.

New South Wales

Properties valued between $300,001 and $1 million, = $8,990 plus $4.50 for every $100 or part thereof over $300,000. Properties worth $3 million and above = $150,490 plus $7 for every $100 or part thereof that the value exceeds $3 million.

From 1 July 2023, first home buyers are exempt on new and existing homes worth up to $800,000 with discounted rates on properties up to $1 million.

Calculate stamp duty in New South Wales here.

Northern Territory

Properties worth $525,000:

Duty payable = (0.06571441 x V2) + 15V, where V is the dutiable value of the property divided by 1000.

Properties exceeding $525,000 but below $3 million, a flat rate of 4.95 per cent of dutiable value, properties valued over $3 million stamp duty is 5.45 per cent of the dutiable value.

Pensioners who are at least 60 years old or a holder of a Northern Territory pensioner and carer concession card, may be eligible for a concession, while eligible first home buyers can get up to $7,000 off stamp duty.

Calculate stamp duty in NT here.

South Australia

Calculated using a sliding scale of rates starting at 1 per cent for properties valued at $12,000 and below, up to $21,330 + 5.5 per cent for properties valued at $500,000 and above.

After 15 June 2023:

No stamp duty for eligible first home buyers for new homes up to $650,000 with relief phased out progressively up to $700,000.

No stamp duty for eligible first home buyers for vacant land, on which a new home will be constructed, valued up to $400,000 with relief phased out progressively up to $450,000.

Increased property value cap for the first home owner grant to $650,000.

Introduction of low deposit home loan scheme allowing first home buyers to borrow to construct their first home with a 2% deposit.

Calculate stamp duty in South Australia here.

Western Australia

For properties worth $120,000 and below = 1.9 per cent, increasing in increments to $28,435 plus 5.15 per cent of dutiable value for properties over $725,000.

Currently no stamp duty exemptions in Western Australia for first homebuyers.

Calculate stamp duty in Western Australia here.

Queensland

No stamp duty for properties less than $5,000, 1.5 per cent for properties valued between $5,000 to $75,000.

Up to $1,050 plus $3.50 for every 100 or part thereof over $75,000 for properties valued between $75,000 and $540,000, and $38,025 plus $5.75 for every $100 or part thereof over $1,000,000.

First homebuyers get concessions for properties valued at less than $550,000. No concessions for pensioners.

Calculate stamp duty in Queensland here.

Victoria

Calculated on a sliding scale starting at 1.4 per cent for properties valued at $25,000 and below, going up to 5.5 per cent for properties valued at over $960,000.

No stamp duty for first home buyers buying property worth up to $600,000, and a reduced concession for homes valued between $600,001 and $750,000.

No stamp duty for pensioners for property valued up to $330,000, and a sliding scale of concessions for properties priced between $330,001 and $750,000.

From 1 July 2024, stamp duty for commercial and industrial properties will be replaced with an annual property tax set at 1% of the property’s unimproved land value.

Calculate stamp duty in Victoria here.

Tasmania

Rates start at $20 for properties priced $1,300 or less, and the rate goes up to $5,935 plus $4.00 for every $100 or part thereof over $200,000 but less than $375,000.

Currently no concessions for either first home buyers or pensioners.

Calculate stamp duty in Tasmania here.

General Advice Warning: This communication contains general information only and in no way constitutes the provision of professional advice, nor should it be relied on as a substitute for financial, credit, accounting, legal or other professional advice. We have not taken into account your financial situation, investment objectives or particular needs.  Before making an investment or financial decision, a person must seek appropriate independent professional advice and also consider whether this information is appropriate to their needs, objectives and circumstances.