It’s a given fact that people who understand the meaning of ‘tax’ also know the meaning of ‘Calculator’ – and pretty much how to make use of one. But it’s a whole different story when one mentions ‘Stamp Duty Calculator’ , not a lot of people know what it is, let alone know how it works. But, when buying a house a lot, or a piece of land, although taken for granted more often than not, is a very important aspect that if bypassed may be a huge problem later on in the process.
WHAT IS STAMP DUTY AND WHY IS IT SO IMPORTANT?
Stamp duty, sometimes also called land transfer duty, is a general tax imposed by Australian territories and states on purchases regarding the property. It is present when you transfer land from one person to another. The stamp duty amount that one pays may vary depending on where you are or how much you bought the property for. With different states, different charges also apply and it’s usually more expensive in the inner city suburbs. It’s good to keep in mind that there is a direct relationship between property prices and stamp duty. This means to say that when property prices are high, Stamp duty rates are expected to be higher as well.
The law gives you 30 days to pay stamp duty but in other states can go from 30 days and even reach up to 3 months, depending on what purpose of payment it is for or where you are located. Like all other payment these days, stamp duty payments are no exemption, you can pay them online, through banks or mail, credit and debit cards, and even checks.
WHAT CAN A STAMP DUTY CALCULATOR DO FOR ME?
Stamp duty calculators come in handy when you’re eyeing on a lot or property and you want to work out how much stamp duty or land transfer duty you have to pay to be able to get that lot. This is useful because it allows you to go through more options as it gives you an idea of the amount you are going to expect to pay. Because the stamp duty rates across Australia vary, each state has its own stamp duty scale, and like most things these days, easy to get your hands on. Simply searching for it on the web can give you instant lists and sites.
You can expect to find yourself a stamp duty calculator in no time. Its very accessible and can easily be found on the internet. You won’t have to worry too, because it’s usually totally free of charge and super easy to use – not to mention, it’s accurate and reliable as well. If by any chance, you are still feeling a little confused with what stamp duty is and how you’re supposed to use it, It’s always a good idea to consult a specialist that way you will not have to regret or miss out on any big deal later in the future.
Head to this page to determine how much Stamp Duty you’ll need to pay for when purchasing a home in 2019.