Stamp Duty is a fairly large lump sum of money to be outlaying and since in most cases it will apply to your property investment purchases, it is important to know when it's due so you can cash flow accordingly.
As with many things in Australia there are different rules for property purchase and Stamp Duty Tax in each state. So to make it simple here's a breakdown of when it would be payable in various situation by state. Please note that these dates are current as of 24/12/2010.
- ACT: Due within 12 months of exchange & you are under contract. If paid after 12months, interest as of 2011 is charged at 13.0%
- NSW: First Time Buying up to $500,000 is Stamp Duty Exempt. Over $600,000 – due within 15 months.
- NT: House & Land packages – within 60 days from title being issued or settlement
- SA: Within 60 Days from Settlement.
- QLD: House & Land, Land Duty due within 30 days from when contract goes conditional
- TAS: 3 months from the date of title transfer.
- VIC: 3 Months after Settlement
- WA: 2 Years from when the contract is signed.
So there you have it, remember your two year cash flow will account for stamp duty. If you've got questions on this give your Property Consultant a call and they'll be able to walk you through it 🙂
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