Stamp Duty

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From: Mel G


As I am new to the investment game, I have a few questions. For those of you who are experts at this game, my questions may seem rather trivial so please bear with me.

I understand that when purchasing a property off the plan, stamp duty is only paid on the land value. And obviously on a fully constructed building, you also have stamp duty on the building. I also know the exact calculations for stamp duty on established properties but my question is...

How do you calculate stamp duty on a building that is under construction? ie. you are no longer buying off the plan but you are not buying a fully established property either.

Any assistance anyone can offer would be greatly appreciated!

Thank you,
Mel
 
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Reply: 1
From: Donna Larcos


Having purchased off the plan, as I
understand it, stamp duty is payable on
the full value of the completed property.
However when buying off the plan in NSW
you only have to pay 5% of the Stamp Duty
up front on exchange of contracts and the
balance is payable twelve months later or
at settlement, whichever is the earliest.
Not sure if requirements in Victoria are
different.
 
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Reply: 2
From: GoAnna !


I presume you are talking about buying in Victoria? The amount of stamp duty payable will vary according to the value of the initial land/property and at what stage of construction you purchase.

GoAnna !
(aka Anna before she got real)
 
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