Stamp Duty Calculators

[defecta]

Hi guys,

I created an excel workbook to help me calculate all of the numbers for a property and my stamp duty calculations are coming out $100 less than all the online ones.

Im in Vic so this is what I used for my calculator. http://www.sro.vic.gov.au/sro/SROna...07AFC77-33F164285C8F118CCA2576EE007E3927?open

By my calculations the stamp duty payable on $450,000 is $18870 ($2870 + 5% of 320,000)
But the online calculators all say its $18970.

Does anyone else get the same figure as me or all the online calculators wrong? (unlikely)

Cheers
AC

 

[Peter_Tersteeg]

Are you including mortgage registration? It's about $100 in most states. I admit that I'm not sure if this is included in the online calculators.

Post a copy of your calculators. There's enough nerds here that someone'll find any bugs. (Disclaimer: I am an IT nerd).

 

[Rob Williams]

By my calculations the stamp duty payable on $450,000 is $18870 ($2870 + 5% of 320,000)
But the online calculators all say its $18970.

Just change your formula to:
$2870 + (5% of 320,000) + $100
Then your calculation will be the same as the online calculator.
Job done! There's some other fee they are adding on in their calculations, which is probably buried in fine print somewhere.

 

[Aaron_C]

...or you could download the app called 'Tap Mortgage' and it will tell you exactly how much the stamp duty is including registration fees and title fees.

 

[defecta]

Are you including mortgage registration? It's about $100 in most states. I admit that I'm not sure if this is included in the online calculators.

Post a copy of your calculators. There's enough nerds here that someone'll find any bugs. (Disclaimer: I am an IT nerd).

They do include it, but its an additional figure that is added to sum of the stamp duty fees. See these links and you can see they have a separate figure for mortgage transfer fees.
http://www.stampdutycalculator.com.au/stamp-duty-vic
http://www.echoice.com.au/mortgage/home_loans?pn=/info/home_loan_calculators/stamp_duty.html
http://www.infochoice.com.au/calculators/stamp-duty-calculator/

Rather than just add in an additional $100 to stamp duty fee on the calculator I created, which would solve the discrepancy, I would prefer to understand why or what the cause of the different results is. e.g. and error in their or my calculations.

Unless I am interpreting the SROs rules incorrectly I am inclined to say the online calculators are wrong. And I l know its only $100 but thats not point, its the principle. An inaccurate calculator is worthless.

I have uploaded the excel workbook for further scrutiny for those so inclined.

 

[defecta]

Unless I am interpreting the SROs rules incorrectly I am inclined to say the online calculators are wrong.

I just found SRO's own online calculator. http://www.sro.vic.gov.au/SRO/SROCalcs.nsf/transfer?OpenForm#calc
My calculator is wrong. The SRO's calculator also gets the same figure as the rest of them.

 

[Peter_Tersteeg]

Unless I am interpreting the SROs rules incorrectly I am inclined to say the online calculators are wrong. And I l know its only $100 but thats not point, its the principle. An inaccurate calculator is worthless.

Score one for the ex-IT nerd!

Your calculator charges 5% plus $2,870 for amounts over $130,000. According to the SRO it's 6% plus $2,870.
Change 5% to 6% and it agrees with the SROs online calulator

Resources used:
Stamp Duty Rules
SRO Online Calculator

 

[defecta]

Score one for the ex-IT nerd!

Your calculator charges 5% plus $2,870 for amounts over $130,000. According to the SRO it's 6% plus $2,870.
Change 5% to 6% and it agrees with the SROs online calulator

Resources used:
Stamp Duty Rules
SRO Online Calculator

Lol, thanks PT_Bear. You are indeed right. If I change it to 6% it does match the other online calculators, which is encouraging because I now know I'm not totally clueless.

But although contrary to this forum, I am trying to calculate it for a PPR which is actually 5% + $2870 according to this SRO page. http://www.sro.vic.gov.au/SRO/srona...07AFC77-33F164285C8F118CCA2576EE007E3927?open

But it appears that everyone including the SRO is calculating 5% + $2970.

I have written them an email to query this because I would love to know where I am going wrong (and the nerd in me would love to know that I found a mistake in their calculators that no one else picked up ).

 

[Peter_Tersteeg]

The PPoR concession came in a few years ago. A lot of calulators don't include it, probably becuase it causes confusion and it's better to overquote than underquote.

 

[defecta]

The PPoR concession came in a few years ago. A lot of calulators don't include it, probably becuase it causes confusion and it's better to overquote than underquote.

To be clear are you talking about the cheaper rate of 5% of amounts over $130,000 for PPoR compared to the 6% of amounts over $130,000 in the case of non-PPoR?

Or are you talking about the 20% discount for first home buyers PPoRs?