·         Based on the current NSW current (2014) rates of duty, purchasing or transferring assets such as a house, land or a business incurs the following rates of duty:

o   $0 to $14,000 - 1.25% of dutiable value.

o   $14,001 to $30,000 - $175 + 1.5% of value over $14,000.

o   $30,001 to $80,000 - $415 + 1.75% of dutiable value over $30,000.

o   $80,001 to $300,000 - $1,290 + 3.5% of dutiable value over $80,000.

o   $300,001 to $1 million - $8,990 + 4.5% of dutiable value over $300,000.

o   $1 million to $3 million - $40,490 + 5.5% of dutiable value over $1 million.

o   Over $3 million - $150,490 + 7% of dutiable value over $3 million

·         Eligible first-home owners in NSW will generally have access to the NSW First Home Plus scheme. This entitles you to various exemptions and concessions when purchasing a new home or vacant land where you plan to build a new home.

·         There are exemptions on transfer duty for the purchase of:

o   homes valued up to $550,000; and

o   vacant blocks of residential land where a new home will be built up to a value of $350,000.

·         There are concessions on transfer duty for the purchase of:

o   homes valued between $550,000 and $650,000; and

o   vacant land valued between $350,000 and $450,000.

·         The concessions and exemptions do not apply to homes that exceed the capped amount. That means that if for example you purchase a new home valued at $551,000 you would not be eligible for the exemption.

·         You can use our Phone a Lawyer service for a preliminary legal consultation if you think you may need legal advice about your purchase.

·         The valuation of a business asset will vary in each different state or territory.

·         The value of a business asset in NSW includes goodwill and any associated intellectual property. It is most often determined as the price paid if the vendor and purchaser are not related parties. If the value of the business cannot be determined properly by the sale price the formula DV = A x X/Y is applied.

o   DV = dutiable value.

o   A = the value of the business asset based on the absence of debt or the total amount paid for the business asset. The greater of these two options is used.

o   X = the total value of goods or services provided by the business in New South Wales to customers in the 3 prior completed financial years.

o   Y = the total amount of goods and services provided to customers by the business both inside and outside of New South Wales in the 3 prior completed financial years.

·         You can use our LegalPlan™ membership to ask lawyers for tenders in relation to your business stamp duty needs.

·         This may vary depending on your state or territory.

·         When buying a business the items that do not attract duty usually include:

o   goods considered to be stock-in-trade;

o   materials being held for use in manufacturing processes;

o   goods currently being manufactured;

o   any goods used in connection with primary production land;

o   livestock;

o   registered motor vehicles;

o   a ship or vessel; and

o   other items not classified as 'dutiable property' under the relevant law in your state or territory.

·         If you have any concerns you can use our free and anonymous Ask a Lawyer service to get information specific to your situation.

·         You do not have to pay duty on these purchases if made in the state of Queensland.

·         Although it is possible to impose liability for stamp duty on either the purchaser or the seller the purchaser or transferee is usually liable in practice.

·         You become liable to pay stamp duty when you take part in the sale or transfer of dutiable property.

·         If the sale or transfer is by way of a written agreement or written transfer the liability to pay duty arises when that instrument is first executed.

·         A document is 'executed' when all parties have signed.

·         A legal instrument is generally any formal written document such as a deed, transfer notice, will, conveyance and other document of this kind. It is a formal legal document that usually constitutes evidence of the existence of a legal right, obligation, duty or agreement.

·         An instrument (formal legal document) is executed when it is signed by all relevant parties. Sometimes written laws will require additional steps to be taken before an instrument is considered to be duly 'executed' such as being signed and then sealed.

·         An agreement involving an offer contained in a written document (such as a contract for the sale of land) is considered to have been executed when the offer is accepted and the document is signed by both parties.

·         If there is no written instrument to evidence the purchase or transfer of property you will need to submit a completed form to the revenue office in your state or territory within three months of the liability arising. The liability to pay stamp duty will have begun on the date of transfer or purchase.

·         You will need to provide a valuation from a registered valuer or an independent accountant if the transaction is not considered to be at 'arms length'. An 'arms length' transaction refers to a situation in which both parties to a purchase or transfer are not related to each other, independent and on equal footing. 

·         If the sale or transfer agreement for your potentially dutiable transaction is rescinded or annulled you will not be liable to pay the duty on the amount.

·         The last date for the payment of stamp duty will vary depending on the state or territory in which the transaction takes place. Generally speaking the duty must be paid between 1 and 3 months from the liability arising.

·         The liability will generally arise on the date of transfer or sale.

• Yes. There are numerous exemptions and concessions which apply in NSW and include when a vehicle is:
  • awarded as part of a divorce settlement;
  • purchased by eligible veterans;
  • a caravan;
  • left to you in a will;
  • being transferred from interstate registration in your name when stamp duty has already been paid for that vehicle in another state or territory;
  • transferred between married or de facto couples from joint names to a single name; or
  • is property owned by a not for profit organisations involved in charitable, philanthropic, patriotic or welfare work.