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Everything You Need To Know About Stamp Duty

Buying your first property in Australia? Here's a state-by-state guide to stamp duty, and all the exemptions and concessions available to first home buyers.

Buying your first home will likely be one of the biggest purchases you’ll make. Apart from the purchase price, home ownership comes with a raft of associated costs, the biggest one being stamp duty. Stamp duty, otherwise known as transfer duty, is the tax imposed by the state government on the purchase of real estate. It is calculated as a percentage of the purchase price; however, rates and exemptions vary from state to state. Here’s everything you need to know about stamp duty in Australia.

New South Wales

When to pay it?
Stamp duty is payable within three months of settlement in NSW.

Are there any exemptions or concessions?
No stamp duty is required for home valued under $650,000, or vacant land under $400,000. Stamp duty reductions apply to homes valued up to $800,000, vacant land up to $500,000 and new homes valued up at $1 million. You are required to live in the home for at least six months during the first year of ownership in order to qualify.

Victoria

When to pay it?
In Victoria, stamp duty is payable up to 30 days after settlement.

Are there any exemptions or concessions?
In Victoria, first home buyers are exempt from paying transfer duty on the purchase of property up to $600,000. The property must be used as a primary place of residence for a period of 12 months, commencing within 12 months of settlement. Properties valued between $600,000 and $750,000 are eligible for the first home buyer concession, which is calculated based on the property’s value.

Queensland

When to pay it?
Stamp duty must be paid no later than 30 days after settlement in Queensland.

Are there any exemptions or concessions?
In Queensland eligible first home buyers can save up to $15,925 off their stamp duty if buying a home valued less than $550,000. If you are intending to build a home on vacant land, buyers can claim a rebate of up to $7,175 for purchases under $400,000, while no transfer is payable on vacant land under $250,000.

Tasmania

When to pay it?
Stamp duty is payable within three months of settlement in Tasmania.

Are there any exemptions or concessions?
For first time buyers, a 50 per cent duty concession is available for eligible established properties with a market value up to $400,000.

South Australia

When to pay it?
Stamp duty in South Australia is required to be paid on or before settlement day.

Are there any exemptions or concessions?
Unfortunately, South Australia does not offer any stamp duty exemptions of concessions for first home buyers.

Public
Public
Australian Capital Territory

When to pay it?
Stamp duty in the ACT must be paid within 14 days of receiving a notice of assessment from Access Canberra.

Are there any exemptions or concessions?
In the ACT, first home buyers may qualify for a means-tested full stamp duty exemption on vacant residential land, new and established homes. At least one buyer must live in the property continuously for at least one year, starting within 12 months of settlement.

Mandurah Western Australia via ABC
Mandurah Western Australia via ABC
Western Australia

When to pay it?
In Western Australia, you must lodge your stamp duty documents within two months of settlement.

Are there any exemptions or concessions?
In WA, first home buyers are exempt from paying stamp duty on properties valued up to $430,000, while concessions are available on purchases up to $530,000. At least one of the owners must live in the property within 12 months of purchasing and use the property as the primary place of residence for at least six months.

Northern Territory - troppo architects
Northern Territory - troppo architects
Northern Territory

When to pay it?
In the Northern Territory, stamp duty can be paid up to 60 days after settlement.

Are there any exemptions or concessions?
Under the Territory Home Owner Discount, home buyers can claim a reduction in stamp duty of up to $18,601 for the settlement of a home or land before 30 June 2021. The home must be valued less than $650,000 and be your principal place of residence for at least six months.