Stamp duty is a tax assessed on the sale or transfer of land or business in NSW and the duty is assessed on the sale price or value of the property, whichever is the greater.
The liability for the payment of stamp duty falls to the purchaser or transferee and must be paid within a period of three months from the date of the Contract or Agreement. Failure to pay such duty within the time provided will result in additional costs being incurred by the purchaser or transferee.
McIntosh McPhillamy & Co. is an appointed agent for the Office of State Revenue. As such we are able to attend to most stamping transactions in office which alleviates the need for stamp duty to be paid prior to completion of a transaction or for documents to be sent to Sydney for stamping.
Exemptions and Concessions:-
In certain circumstances a purchaser/transferee may be entitled to an exemption or concession in the amount of duty payable. The following are some of the benefits available to purchasers:-
First Home Purchaser Scheme: Any person in NSW who is buying their first home or block of land on which they intend to build their first home may be entitled to a full exemption from duty or a concessional rate of duty.
NSW Home Builders Bonus:- Any person in NSW purchasing off the plan or vacant land on which a new home is to be built or a new home may be entitled to an exemption or concession. Furthermore under the Home Builders Bonus scheme seniors may be entitled to a full exemption from duty if they are purchasing a newly built home to be occupied as their principal place of residence and have or are selling their existing residence.
Intergenerational Transfers/Transfer of Farming Property Between Family Members:- Persons transferring primary production land between family members may be entitled to an exemption from the duty payable on the Transfer.
Government Grants
At various times the Government offers one-off payments to purchasers in certain circumstances. Currently the following grants are available both offering a one-off payment of $7,000.00:-
First Home Owners Grant:- Available to persons buying their first home.
Regional Relocation Grant:- Available to persons relocating from their metropolitan home to a regional home.
In order to receive a stamp duty benefit or a government grant it is essential that applicants meet the eligibility criteria. By contacting one of our experienced conveyancing specialists, we can assess your eligibility and provide you with accurate, timely advice as to the current schemes and benefits available to your specific circumstances.