Stamp Duty Exemption NSW Over 60
The topic of Stamp Duty Exemption NSW Over 60 can get confusing really quickly. The good news for you is I’m about to explain everything in very simple terms so you can feel confident knowing exactly what your rights are when it comes to stamp duty exemptions. Falcon Advisory is here to simplify life for you and deal with all these types of things. Read on to find out how we can help you.
What is stamp duty?
If you’ve never owned or acquired a home before, the notion of NSW property stamp duty may be something you’ve never looked into in-depth. But for many first-time buyers, or people moving from a state with different exemptions, it’s vital to comprehend what NSW stamp duty entails. Your stamp duty is also known as “transfer duty,” and it’s a fee you pay to the government when you acquire any type of property in that particular state. There are a few special exemptions and reductions in stamp duty that you might qualify for. Continue reading to learn more about the conditions covered by these exemptions, as well as whether you meet them.
How do I find out how much stamp duty I’ll pay?
The greatest approach to knowing exactly how much stamp duty you’ll have to pay is to do some research ahead of time. Nobody likes to get a large, unexpected payment on the day of purchase.
How much is stamp duty in NSW?
In NSW, stamp duty is charged based on the property’s sale price or current market value, whichever is greater. It’s calculated on a sliding scale similar to income tax, so the more expensive the house, the higher your stamp duty payment will be. These standard rates do not apply to all property purchases; rather, they are only for first-home buyers. Alternatively, you can use a stamp duty calculator to estimate the stamp duty you may need to pay on the property you want to purchase.
| Property Value | Transfer Duty Rate |
| $0 to $14,000 | $1.25 for every $100 |
| $14,000 to $32,000 | $175 plus $1.50 for every $100 over $14,000 |
| $32,000 to $85,000 | $455 plus $1.75 for every $100 over $32,000 |
| $85,000 to $319,000 | $1,372 plus $3.50 for every $100 over $85,000 |
| $319,000 to $1,064,000 | $9,562 plus $4.50 for every $100 over $319,000 |
| Over $1,064,000 | $43,087 plus $5.50 for every $100 over $1,064,000 |
NSW Stamp Duty Exemptions
There are several alternatives that may apply to you if you’re looking to buy a home or apartment in NSW and want to know whether you qualify for any exemptions:
First Home Buyers Assistance Scheme
There are several exemption levels under the Scheme, which are generally lower than those of the First-Home Super Saver Program: New Homes $800,000 or less, Existing Homes $650,000 or less, and Vacant Land on which you intend to build a home $400,000 or less.
Exemption Through Divorce
Transfer duty will not apply if you transfer the ownership of a house or plot from one person to another as a result of a court order in a divorce. However, this is only under certain conditions, and you will need expert legal advice and financial advice to ensure that it applies to you.
Pensioner Exemption?
Stamp duty exemption for those over the 60s does not currently exist in New South Wales, although some states provide a pensioner exemption for home purchases. You will be charged standard stamp duty on any property you buy unless you qualify for an exemption. However, pensioners may be eligible for stamp duty exemption or concessions if they are first-time home buyers.
What is the NSW small business stamp duty declaration?
The NSW small business stamp duty exemption declaration is a legally binding statement made by the insured declaring that they are eligible for the NSW small business insurance stamp duty exemption.
How Falcon Advisory can help you.
If reading all of that information has left you even more confused than when you first started, you may be the perfect candidate for our services. We can help deal with all of your tax and stamp duty questions, so you can put your focus back on where it is needed most. We will do all the research and answer all of your questions as best we can then present you with a clear picture of how much stamp duty you need to pay – and if there’s any way you might manage to avoid it. Sometimes circumstances change, and we may be able to find a way around the stamp duty you owe.
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The material in this content is for the benefit and information of clients. The items are in the nature of general comments only and are not to be used, relied or acted upon without seeking further professional advice. Falcon Advisory accepts no liability for any errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice. Liability is limited by a scheme approved under Professional Standards Legislation.
