·         Stamp duty in the Northern Territory (NT) is charged for transactions relating to property acquisitions like:

o   land;

o   mining tenements;

o   mining exploration licences;

o   interests in land acquired by holding corporations or unit trusts; and

o   business property.

·         The Northern Territory revenue office has a range of different formulas for the calculation of stamp duty based on either the purchase price or the unencumbered value of the property. The rate of stamp duty will be determined by the higher amount.

·         Concessions and exemptions are available under NT law. These apply as follows:

o   A stamp duty concession of $7,000 off the total stamp duty payable exists for first home purchasers or those purchasing land and intending to build new home. This exemption will not be accessible for those persons eligible for a pensioner concession or for the Federal Government's First Home Owner Grant.

·         The NT offers concessions for eligible pensioners. Eligible pensioners include those over the age of 60 or holders of a Northern Territory pensioner or carer concession card. The concessions are available when purchasing a new home or any vacant land that the purchaser intends to use as a site for a new home and apply as follows:

o   a reduction of $8,500 is available for new homes under $750,000; and

o   a reduction of $8,500 is available for vacant land under $385,000.

·         Further information can be found at http://www.treasury.nt.gov.au.