During the excitement and planning that comes with property purchases, many first buyers can forget to budget for the cost of stamp duty.
Otherwise referred to as property transfer fees, stamp duty is applied during the sale and transfer of property purchases. This rate changes between states in Australia, and is influenced by the cost and type of property purchases.
To provide a guide on how much stamp duty you could be charged on your property purchase, we have created an easy-to-use Stamp Duty Calculator. This tool is not only designed to calculate how much stamp duty you may be required to pay on your property in South Australia (when the SA tab is selected), but it also highlights any stamp duty exemptions or grants for which you may be eligible.
South Australia calculates its stamp duty on the value of the land (including improvements) or the consideration (the amount you agree to pay), including GST, whichever amount is greater.
Our “rates and thresholds” button towards the bottom left of our calculator outlines the current stamp duty rates and thresholds for South Australia. The information in this pop-up menu includes:
We have provided a detailed breakdown of the information you’re required to input into our calculator.
The results in this field include:
The total amount of these costs appears next to “total government fees”.
These results reflect any government grants for which you may be entitled. The total amount of these grants appears next to “total government grant”.
There are a few exemptions from stamp duty that may apply to you. Apart from the First Home Owner Grant, other concessions or exemptions can include:
For further information on how stamp duty could affect you as well as information on more exemptions and concessions, please visit RevenueSA.
Read our First Home Buyer’s guide to find out more information on other factors you may need to consider when purchasing a property, including the ongoing costs associated with owning a home (other than your mortgage), as well as the types of loans you can take out.
Furthermore, take the confusion out of choosing a home loan with our online comparison service. Simply input the information required, and you can compare a range of home loans, making it easier to choose one suited to your needs and budget.
The information in this article is accurate at 2 January 2018.