Stamp duty is the duty or tax charged by state governments and territories for certain types of transactions including property. The laws and charges vary between states and territories.
Generally, if a property is purchased the tax is paid by the purchaser of the asset on transfer. For this reason stamp duty is sometimes referred to as transfer duty. This is payable to the State Revenue Office. Stamp duty can be levied on the sale or transfer of a range of assets including residential property or business assets.
The stamp duty assessment assists the office of state revenue in ensuring the reported dutiable value is compliant with current legislation. This enables them to generate an assessment of the stamp duty payable.
In many cases, stamp duty can be based on readily identifiable dutiable value. This may be the contract price for the sale of a residential or commercial property. In other scenarios, stamp duty is payable, where the dutiable value is not as readily identifiable.
Transfers can be related to a property transfer between family member(s), or into a superannuation fund, trust or other entity. Often the trigger can be due to gifting, estate settlement, capital gains tax purposes or business-related transactions. Other reasons may also include the transfer of an easement or lease.
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