·         Liability for stamp duty initially arises when a written instrument of sale or transfer is first executed. A sale or transfer by written instrument includes where the transaction occurs electronically.

·         Generally stamp duty must be paid within three months of the date that liability to pay stamp duty first arises. That means that on the day the written instrument of sale or transfer was executed (signed by all parties) the liability arises. You then have three months to pay.

·         There may be stamp duty concessions available to you if you are a first home purchaser or if you are purchasing vacant land which you intend to be use as a site for a first home. The availability of exemptions and concessions are as follows:

o   You will not need to pay stamp duty for residential homes up to $550,000. A concessional rate of stamp duty applies to homes between $550,000 and $650,000.

o   For vacant land up to $350,000 no stamp duty is payable. A concessional rate of stamp duty applies to land between $350,000 and $450,000.

·         There are no stamp duty concessions for pensioners in NSW.

·         Further information can be found at http://www.osr.nsw.gov.au.

·         It is also important to note that from 1 July 2016 duty on mortgages and duty on transfers of business assets will be abolished in NSW.