How do i calculate stamp duty?

[Jom]

Sorry i know it's a basic question, but I am wondering how to calculate stampt duty. I'm in Victoria, and wanting to know what stamp duty will be payable on $520 000.

Thanks
jom

 

[alexlee]

http://www.sro.vic.gov.au/sro/SROWebSite.nsf/taxes rates.htm#duties

Just on these rates, it looks like stamp on 520k would be 26,270.
Alex

 

[buzzlightyear]

This is another calculator that maybe useful

 

[Ausprop]

even easier... you sign a cheque and give it to your redundant and over paid state pollies and they will fill it out with a number that is way more than is fair or reasonable

 

[chrispy]

But remember that the State Govt just changed the stamp duty in the State Budget, not sure what the new rates are, but they are lower.

Chris

 

[Jom]

But remember that the State Govt just changed the stamp duty in the State Budget, not sure what the new rates are, but they are lower.

Chris

Thanks all for such prompt responses.

It looks as though the site posted by alex is the new rates, and that they have come into affect already.

THis house I am buying will be my new PPOR (i am selling my old one). Which rates am I looking at, "1A. Duty rates for a principal place of residence (for contracts entered into from 1 January 2007 to 5 May 2008)"???

 

[buzzlightyear]

Thanks all for such prompt responses.

Anyone have any info on what the new rates are, and when they come into affect?

May 6th. The info is listed in the link that Alex provided.

 

[wombat]

Jom - use the link the Buzz posted, you'll note that there are two rates of stamp duty, one for investment and one for PPOR.

For Investment property, Stamp Duty on 520K = $26,270 and for PPOR Stamp Duty = $23,170, a $3,100 difference!!

Make sure you let your conveyancer know that it is a PPOR.

wombat.

 

[Jom]

Jom - use the link the Buzz posted, you'll note that there are two rates of stamp duty, one for investment and one for PPOR.

For Investment property, Stamp Duty on 520K = $26,270 and for PPOR Stamp Duty = $23,170, a $3,100 difference!!

Make sure you let your conveyancer know that it is a PPOR.

wombat.

What does the transfer fee and mortgage registration fee mean?

I would have thought that these would be costs associated with the lender wouldn't they? Therefore not stamp duty related?

 

[buzzlightyear]

What does the transfer fee and mortgage registration fee mean?

I would have thought that these would be costs associated with the lender wouldn't they? Therefore not stamp duty related?

Transfer fee is a state government charge to register the transfer of title of the property from one person to another.

Mortgage Registration Fee is an administrative charge imposed by the Land Titles Office (or equivalent) in each State/Territory for entering (registering) the Lender's mortgage on to the title record for the property involved.

They are not related to stamp duty. The only connection is that you have to pay them all and they go to the State government. Happy purchasing

 

[Rolf Latham]

being vic

TOO much

ta
rolf

 

[Jom]

Thanks all, that's very helpful

 

[NorwegianBlue]

If you love spreadsheets as much as I do , you can use this macro. Then you can call it as a function in cells to calculate stamp duty whenever you need to. Note that there are different calculations for PPOR and Investment as of the recent state budget. This is for investment property.

'Non PPOR
Function StampDutyVIC(PropertyValue)
    If PropertyValue > 960000 Then
        StampDutyVIC = PropertyValue * 0.055
    ElseIf PropertyValue > 130000 Then
        StampDutyVIC = 2870 + (PropertyValue - 130000) * 0.06
    ElseIf PropertyValue > 25000 Then
        StampDutyVIC = 350 + (PropertyValue - 25000) * 0.024
    Else
        StampDutyVIC = PropertyValue * 0.014
    End If
End Function