More information on stamp duty
What is stamp duty and why do we pay it?
Stamp duty is a form of tax that is paid to the government when a property is sold. It is the buyer who foots the bill for stamp duty, and thus, it is an important (and often costly) expense to take into account when buying a home. When purchasing a property, you’ll usually pay a tax called stamp duty. Stamp duty is the tax of a transaction on the transfer of a property. The amount of tax that needs to be paid varies according to the type and value of the transaction involved and the state or territory you’re buying in. Some buyers may qualify for a stamp duty concession or exemption. First home buyers, for example, can receive exemptions in some areas of Australia depending on the value of the property they’ve purchased. Pensioners and health card holders may also be eligible for a stamp duty exemption.
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What are the benefits for first home buyers?
$15,000 will be available for a first homeowners who are buying a new home or building a home in South Australia. Off-the-plan apartment buyers will also be eligible for a $10,000 grant if they entered into a contract before the 30th September 2017. Despite these benefits, first home buyers will not receive stamp duty concessions unless they are looking at purchasing a qualifying off-the-plan apartment. If you’re an overseas buyer, keep a note of the fact that foreign investors looking to buy properties in South Australia will also be exempted from these stamp duty concessions.