You may be obliged to pay duties when you are a part of a transaction, for example, pay transfer duty when you acquire land, or an interest in land, without buying it. Prestige Legal is the expert in advising you, assisting in all property related transaction in a smooth and hassle-free manner.
You must also pay transfer duty when you acquire land, or an interest in land, without buying it.
The stamp duty in NSW is calculated depending on the value of the property.
Standard transfer duty calculations from 1 July 2019
However, certain transactions may be eligible to exemption or concession of duty.
Transfer between family members
Transfers between family members are liable to transfer duty, however some transfers may qualify for an exemption or concession.
If you’ve already paid transfer duty but were entitled to an exemption or concession, you can claim a refund for up to five years.
The following situations may be eligible to an exemption of duty:
- Transfer between married couples and de facto partners
- Transfer between married couples and de facto partners
- Transfer due to marriage or de facto relationship breakup
- Transfer due to domestic relationship breakup
New Legislative Update
New provisions introduced by the State Revenue and Other Legislation Amendment Bill 2019 (NSW) commenced from 1 July 2019.
- Premium threshold: The threshold for premium rate (7%) for residential land has increased from $3M to $3,040,000.
- Surcharge purchaser duty: Holders of retirement visas who meet residency requirements will now be exempt from surcharge purchaser duty when purchasing a principal place of residence.
- Aggregation: A provision has been inserted clarifying that where two dutiable transactions are aggregated, the duty will be calculated at the rate applicable at the time at which the earliest of the transactions took place.