Stamp duty (also known as land transfer duty) is a vital part of the property purchasing process and something you need to factor into your budget.

Put simply, it is a government tax applied to all real estate purchases and, it can be expensive.

Let’s tackle some of the common questions.

Do I have to pay land transfer duty?
Yes, there’s no escaping! All property sales and land transfers in Victoria incur stamp duty on the transfer of land from one individual to another.

How much is it?
The amount of duty generally depends on the price you pay for your property, what you will use it for, if you are a foreign purchaser and if you are entitled to any exemptions or concessions.

How is it calculated?
The amount is calculated on a sliding scale and usually depends on the purchase price of the property or its market value.

How is it paid?
Stamp duty is payable to the State Revenue Office and must be paid within 30 days of settlement.

Are there concessions and exemptions?
Yes. Some exemptions and concessions are available including (but not limited to):
– First home-buyers
– Pensioners
– Off-the-plan properties

Tips
Here are some tips on how you can reduce stamp duty fees:
– Buy a cheaper property
– Buy land and then build
– Contact the state government in your area for the most up to date information

Don’t worry if this all sounds a bit confusing. The team at Sargeants Geelong can help you with any queries about stamp duty, including the amount you may incur. We are friendly, love to help and can take care of all your property needs. We’re also a fully licensed Geelong conveyancing practice and a member of the Conveyancing Society of Australia – Victoria’s leading professional conveyancing network.

Call in and see us at Level 4, 49 Malop Street, Geelong or phone 5221 7411. You can also email admin@npts.com.au, find us on facebook @SargeantsGeelong or visit sargeantsgeelong.com.au