Stamp duty is another state based tax that is charged on the purchase of a new property, based on the purchase price of that property. In most states, first home buyers who plan to reside in the property are either exempt from stamp duty or receive concessions. Unfortunately, no such concession exists for property investors or for those upgrading homes, even if it’s not an investment.
Stamp duty can be a significant upfront cost in the purchase of a property. It also
cannot be claimed as an expense. However, it is included as a cost of purchasing a property when calculating
capital gains tax.
The easiest way to calculate how much stamp duty you will need to pay when you purchase a property is with the use or our
stamp duty calculator.
In most states, stamp duty on mortgages has been removed.