Firstly, what exactly is Stamp Duty? It’s a tax levied by all states and territories on property purchases based on the property purchase price, location, and loan purpose. Some states charge different rates on investment properties than on places of residence.
How is stamp duty calculated?
Stamp Duty is calculated by applying a sliding scale of taxation, and increased according to the value of the property. Generally, the cheaper the property, the less stamp duty will be paid.
Most states and territories also have a first-time buyer concession in place for stamp duty. This is designed to make it easier for people to get their first home.
Head Business and Property Educator
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