Stamp Duty – is a tax levied on certain purchases such as property, vehicles and insurance policies. Sometimes known as transfer duty.
Stampy duty covers the fees associated with the legal document handling by the respective departments and varies from state to state. Back in the day, this involved a physical stamp on the legal documents although nowadays it’s mostly digital.
There are schemes available such as some First Home Buyer schemes that provide exemptions or concessions to stamp duty. We suggest you research these concessions or speak to a financial advisor for more information on eligible schemes.
There are numerous calculators online to help calculate the stamp duty on your purchase. For most products, stamp duty equates to between 3-6% of the product value and is an important upfront cost to consider when making a big purchase such as a home as this may equate to tens of thousands of dollars.