What is Stamp Duty, and how much do I need to pay?
If you buy, or in any way acquire a property in Victoria, you will need to pay the Stamp Duty on that transaction. At Geelong Conveyancing we will complete all of the legal documents for you when it comes to the Stamp Duty. You will need to complete and sign a purchaser statement to find out if a 3 per cent of Stamp Duty applies to you. The Stamp Duty on a property is a tax that is forced by the state government. This will vary according to the type and the value of the transaction that is involved. The amount that you need to pay is based on market value of the property or the purchase price, whichever one is greater. This calculator will allow you to work out how much Stamp Duty you will need to pay.
Stamp Duty is applied to any contract or transaction for a residential property that you enter into on or after 1 July 2015. The transferee is a foreign buyer and is either: buying a home (for e.g. auction or by private sale), given a home as a gift, has a certain lease arrangement or is looking at a deceased estate. You must still lodge the purchaser statement with us for any VIC property that you buy or acquire.
Duties Online (DOL) gives users a new way to submit their details online. It is used to assess all types of transfers and declarations of trust. In the case of a land transfer, you will no longer need to have it stamped. Instead, DOL will instantly send out proof of the assessment to the Registrar of Titles. These details are stored in their database until the transfer of land has been lodged. These are then used to confirm that the duty obligations have been met. For declarations of trust, users can print a certificate straight from DOL as proof of their duty payment. Geelong Conveyancing are registered users of Duties Online.
For the full details on Stamp Duty and how it works, we would suggest that you visit the State Revenue Office – VIC website.