Buying a home or a property is exciting and challenging. It is one of the most fundamental decisions that anyone has to take and thus requires thorough research, wisdom and knowledge on all the areas of buying real estate. Apart from the actual cost of land, there are certain other costs that are associated with buying a house of which stamp duty holds a significant importance.
What is Stamp Duty?
In Australia, stamp duty is to be paid by all those who are involved in the land transfer in any kind of real estate. Be it for the purpose of residence, commercial, lease or rent if you buy or sell any property in Australia you are bound to pay stamp duty to the government. The actual cost of stamp duty varies on certain factors like state or region where the property is transacted, the price of the property, whether the property is located in dense, posh areas or if it is located in the outskirts of any city.
What information is required to be submitted to calculate Stamp Duty?
While calculating the stamp duty, you are required to submit or furnish various details like value of the property, location of the property, whether you are a first time buyer or you already have a property in Australia in your name, whether you are buying land, or a constructed house, if you are a national of Australia or if you are a foreign purchaser.
Moreover, you will also be required to inform the payment method and the mode of transaction that you shall prefer. There are two methods, paper type and electronic type, so you have to select one and inform the authorities for the same.
Is calculating Stamp Duty very complex and complicated?
Various provisions of law and statutory compliances reflect that calculation of stamp duty is difficult and cumbersome, yet in practice, it is not true. Today various online tools are available where you can calculate the approximate stamp duty cost, absolutely free.
What is the Government Fee in Calculation of Stamp Duty?
It is a fact that government charges certain fee during the buying and selling process of any land or real estate. It also gives concessions, grant and exemptions to boost the real estate industry and encourage the first-time buyers of any property. Government charges stamp duty on property, mortgage registration fee and the transfer fee. Parallel to charges, government provides tax exemptions on home loan and first home owner grant to those who are yet to own a property in Australia. You can take the help of stamp duty calculator to find the actual stamp duty costs.
If you want to know what is stamp duty calculator you can check out the online stamp duty calculation facilities provided by service providers like iSelect.com
Know everything on Stamp Duty Calculation in easy way
iSelect is one of the most recommended and trusted sites for online stamp calculation and comparison. The results are almost perfect and you get to a fair idea on the exact value of stamp duty that you shall require to pay, if you buy or sell any real estate in Australia.