First Home Buyer Choice

As part of the 2022-23 Budget, the NSW Government announced that first home buyers purchasing properties up to $1.5 million will be provided the option to pay an annual property tax instead of transfer duty. This initiative is in addition to the existing First Home Owner (New Homes) Grant, and the First Home Buyers Assistance Scheme offering transfer duty exemptions and concessions. For more information, visit the NSW Government website.

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Introduction

Stamp duty, or transfer duty, is a tax imposed by state and territory governments on transactions such as:

  • motor vehicle registrations and transfers
  • insurance policies
  • mortgages
  • the sale and transfer of real estate, businesses and certain shares.

The amount payable can vary depending on the state or territory, and is also known as transfer duty or general duty.

If you'd like to calculate the duty payable on land or a business you've purchased, you can do this online.

What you need

  • execution date (contract exchange date of the property or business)
  • purchase price or valuation price of the property or business.

How to check

  1. Select the 'Check online' button.
  2. Complete the form.
  3. Select 'Calculate'.

More information

The purchaser is liable to pay the stamp duty, and it must be paid within 3 months of the liability arising. For example, if you're purchasing an existing property (not 'off the plan'), your liability will arise when the contract of sale has been exchanged.

For 'off the plan' property sales, liability will arise as soon as one of the following has taken place:

  • completion of the agreement
  • the assignment of the whole or any part of the purchaser's interest under the agreement
  • 12 months have passed since the date of the agreement.

Depending on the nature of the transaction, certain concessions and exemptions may be available. For further information, please visit Revenue NSW.

Last updated: 20 June 2022
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