The kinds of transactions that attract stamp duty are usually financially significant. As such you may already be consulting a lawyer regarding the sale or transfer of the relevant business, land or asset or the creation of a trust. If you are looking to purchase an asset that will affect your financial position in a significant way you may wish to engage a lawyer to advise you of any potential stamp duty liability even before you look into obtaining finance. Depending on the assets involved stamp duty can make up a large proportion of the overall financial costs of the transaction.

A lawyer can assist you at all stages of a dutiable transaction. For example a lawyer can:

·         assess whether the law in your state or territory will impose stamp duty obligations on your  particular purchase;

·         recommend the kinds of exemptions and concessions that may be available to you depending on your individual circumstances;

·         advise you of methods of financing your transaction that can minimise the payment of stamp duty;

·         recommend the use of different legal structures that may be effective for holding dutiable property in a way that will minimise taxes and duties if you wish to sell the asset at some point in the future;

·         manage the interactions and communications with the revenue office in your state or territory on your behalf;

·         ensure that your stamp duty is paid before the legally imposed deadline to avoid any interest or late fees; and

·         answer any additional questions you may have in relation to your stamp duty liabilities. 

The earlier you engage a lawyer to assist you with your dutiable transactions the more likely it is that you will avoid unforeseen costs and complications.