A guide to Stamp Duty in NSW

STAMP DUTY EXPLAINED

What is Stamp Duty?

Stamp Duty is State Government tax payable on various dutiable transactions, including the transfer of property. Stamp Duty application and rates vary depending on the State and Territory.

When is Stamp Duty paid?

You must pay contract stamp duty on the purchase price of the property (or valuation in certain circumstances). Duty must be paid within three months of the date of exchanging contracts, unless buying 'off the plan'. If purchased off the plan, then the duty is payable within 3 months of:

  • Completing the agreement
  • Assigning the whole, or any part, of the buyer's interest under the agreement
  • 12-month expiry after the agreement date (whichever occurs first)

NB: The 12-month deferral only applies when you are purchasing the off the plan property as an 'owner/occupier' and specifically excludes investors as well as foreign buyers.

How much Stamp Duty do you need to pay?

Whilst GST is not payable on Stamp Duty, if a property is purchased which has a GST component to it, then Stamp Duty is calculated in the GST-inclusive amount.

Standard transfer duty calculations from 1 July 2020

Property Value

Transfer Duty Rate

$0 - $14,000

$1.25 for every $100 (the minimum is $10)

$14,000 to $31,000

$175 plus $1.50 for every $100 over $14,000

$31,000 to $83,000

$430 plus $1.75 for every $100 over $31,000

$83,000 to $310,000

$1,340 plus $3.50 for every $100 over $83,000

$310,000 to $1,033,000

$9,285 plus $4.50 for every $100 over $310,000

Over $1,033,000

$41,820 plus $5.50 for every $100 over $1,033,000

Premium transfer duty calculation (residential properties over $3,101,000) from 1 July 2020

Property Value

Premium Rate

Over $3,101,000

$155,560 plus $7.00 for every $100 over $3,101,000

Are you eligible for Stamp Duty exemption or rebate?

First Home Buyers may be eligible for the First Home Assistance Scheme. Exemptions and Concessions apply on the following transactions:

  • For new homes valued at less than $800,000, existing homes valued less than $650,000, or $400,000 for vacant land, NSW residents may be able to apply for a full exemption.
  • For those purchasing a new home between $800,000 and $1 million, an existing home between $650,000 and $800,000, or vacant land between $400,000 and $500,000, may be eligible for a concessional rate.

Here's a rough calculation on Stamp Duty based on the purchase price of a property:

Price

Duty

Price

Duty

Price

Duty

$350,000

$11,085

$1,400,000

$62,005

$2,450,000

$119,755

$400,000

$13,335

$1,450,000

$64,755

$2,500,000

$122,505

$450,000

$15,585

$1,500,000

$67,505

$2,550,000

$125,255

$500,000

$17,835

$1,550,000

$70,255

$2,600,000

$128,005

$550,000

$20,085

$1,600,000

$73,005

$2,650,000

$130,755

$600,000

$22,335

$1,650,000

$75,755

$2,700,000

$133,505

$650,000

$24,585

$1,700,000

$78,505

$2,750,000

$136,255

$700,000

$26,835

$1,750,000

$81,255

$2,800,000

$139,005

$750,000

$29,085

$1,800,000

$84,005

$2,850,000

$141,755

$800,000

$31,335

$1,850,000

$86,755

$2,900,000

$144,505

$850,000

$33,585

$1,900,000

$89,505

$2,950,000

$147,255

$900,000

$35,835

$1,950,000

$92,255

$3,000,000

$150,005

$950,000

$38,085

$2,000,000

$95,005

$3,500,000

$183,490

$1,000,000

$40,335

$2,050,000

$97,755

$4,000,000

$218,490

$1,050,000

$42,755

$2,100,000

$100,505

$4,500,000

$253,490

$1,100,000

$45,505

$2,150,000

$103,255

$5,000,000

$288,490

$1,150,000

$48,255

$2,200,000

$106,005

$5,550,000

$326,990

$1,200,000

$51,005

$2,250,000

$108,755

$6,000,000

$358,490

$1,250,000

$53,755

$2,300,000

$111,505

$6,500,000

$393,490

$1,300,000

$56,505

$2,350,000

$114,255

$7,000,000

$428,490

$1,350,000

$59,255

$2,400,000

$117,005

$7,500,000

$463,490

Do not rely solely on our information about stamp duty as it is always changing and this information cannot fit every situation or cover every bonus/concession scheme offered from time to time. Use this table as a base and always contact Revenue NSW before paying stamp duty to ensure that you are paying the correct stamp duty, and your eligibility for any concessions, schemes or bonuses on offer (whether with Revenue NSW or other departments). If you require further information on Stamp Duty phone (02) 9960 1066.

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