Stamp Duty: Due Obligation

in Duty

Stamp duty has existed for many years, which refers to a tax levied by the Australian State and Territory governments on a series of transactions and documents. The federal government of Australia does not levy stamp duty however it is the task of the states and territories. It is based on state and territory jurisdictions that the stamp duty rates vary and so does the nature of instruments or documents. An Office of State Revenue is a part of every state and territory which is responsible for the collection of duty.

A transaction which involves purchasing or transferring of property from one person to another attracts stamp duty. The tax accrues as the property is passed from the seller to the buyer. And it is buyer's responsibility to pay the duty well in time to avoid surcharge fees. The laws also prescribe rebates, exemption and concessions which are awarded only under special circumstances. Location of the property also plays a vital role in the calculation of stamp duty. First time buyers of property or a low valued property are perfect examples of immunity categories to attract any duty.

A stamp duty calculator assists greatly in the calculation of exact amount which is expected to be deposited with the government agencies. It is basically software which has been created to offer uniformity and ease in calculations during a real estate deal. The system offers detailed fee structures which are payable towards professional fees and what part makes for the legal fees based on various inputs made by the user.

Despite many variations between the state and territory regulations on calculation and collection of stamp duty, but there do exist similarities as well. The base methodology for calculation of tax is the same all across Australia. A simple ideology that the value of transferred property increases so does the percentage rate used for calculating the payable amount.

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Shaun McGowan has 1 articles online

Shaun McGowan writes about stamp duty. For more information on stamp duty calculator logon to stampdutycalculator.com.au

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Stamp Duty: Due Obligation

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This article was published on 2010/09/07