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  • Profile photo of ChattawayChattaway
    Participant
    @specha
    Join Date: 2015
    Post Count: 28

    Hello,

    I am wondering wether this is true. I have heard that in SA stamp duty is calculated off of the purchase price and not the value. Is this correct as I am running figures on a favourable purchase. Thanks

    Profile photo of ScottsdaleScottsdale
    Participant
    @scottsdale
    Join Date: 2011
    Post Count: 63

    The amount of stamp duty you are required to pay is assessed on the purchase price or the market value of the property at the date of settlement, whichever is the greater.

    https://www.revenuesa.sa.gov.au/generic-pages/i-am-a-property-ownerbuyer

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Stamp duty is always paid on the amount of consideration rather than the valuation amount.

    Imagine if the State Govts only being able to be charge duty on valuation amounts. In parts of Sydney / Melbourbe where valuations don’t stack up on Off The Plan properties they wound go broke !!!

    Cheers

    Yours in Finsnce
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    I am wondering wether this is true. I have heard that in SA stamp duty is calculated off of the purchase price and not the value.

    That’s right.

    The exception being if you purchase from a friend/family at less than market value. In those instances – you’ll need to carry out a valuation for duty purposes.

    If building a property – duty is charged on the land value (not the entire land + construction costs).

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

Viewing 4 posts - 1 through 4 (of 4 total)

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