When you buy or sell any property at NSW, you are supposed to pay stamp duty. Many people wonder if the payment of stamp duty can be avoided. But you should be very clear from the very beginning of initiating any deal that you will have to pay stamp duty to the government. It may be considered as a transfer duty that government charges for transferring the ownership of the property in Australia.
It is advisable to know how much stamp duty you shall be liable to pay.
It is always beneficial to know how much stamp duty shall be payable once you buy or sell any property in Australia. This keeps you prepared well in advance and save you from any unavoidable hidden expenses later on. The exact amount can be calculated only at the actual point of sale yet you can get an estimate of the approximate cost of stamp duty in NSW by understanding the prevailing rules of the state, eligibility of getting exemption, the kind of real estate you are about to deal etc. Once you calculate the stamp duty, you can arrange the funds accordingly and avoid unnecessary hassle in the end.
What kind of real estate involves the payment of stamp duty in NSW?
Usually all kind of real estate transaction in NSW necessitates the payment of stamp duty. If you are buying a residential property, for your own use or for renting out, the property shall attract the applicable stamp duty. Even if you buy any land or house for the purpose of investment then also stamp duty is payable. Commercial, agriculture, industrial, farming or any other land used for any purpose, shall command the payment of stamp duty in NSW.
Is the payment of stamp duty applicable on the property received in gift?
As per the state rules any property bought or sold in NSW shall command the payment of stamp duty. If you have received any property through a gift deed, or through the provisions or declaration in a trust, or any other reason which transfers the ownership then you have to pay the stamp duty.
Easy and most accurate stamp duty calculation in NSW
iSelect.com is one of the most recommended and trusted sites for the calculation of stamp duty in NSW. If you need to find out how much stamp duty is payable on the purchase and sale of your property you just need to log on to The site is very interactive and user friendly. You simply require to fill certain essential details and you can calculate the approximate stamp duty that shall be payable at the execution of deal.
You should also keep in consideration that if you are buying the property from a known seller or if you are related or associated with the seller then an individual and an unbiased assessor who is qualified enough to value the property should be involved. It shall always be better to get a fair estimate of the property for the calculation of stamp duty.