Buyers Guide Buyers Guide | Page 20

04 Buying What is stamp or transfer duty? Stamp duty is a tax imposed on numerous acquisitions, including selling real estate, cars and assets belonging to a business. In the case of real estate the purchaser is the one who pays the tax. It is a legal requirement for stamp duty to be paid within 30 days of the settlement date. All transfers of land, or sales of property, including gifts of property attract a duty, but there are a few exceptions to this, including: Pensioners Young farmers Deceased estates Principle place of residence First home buyers Off-the-plan sales Family farms As stamp duty isn’t a tax levied by the federal Government, the amount of stamp duty paid changes from state to state. It’s worth researching the rate for your home state. 20