If you’re looking into Northern Territory conveyancing, you’ll need to be aware of stamp duty and how it can impact buying property in the NT. Stamp Duty is a tax that any prospective property buyer has to pay to the government when purchasing real estate. The team at Tschirpig Conveyancing in Darwin is made up of experts who can calculate and explain how much stamp tax you may owe. Call us for an in-depth discussion.
How Does Stamp Duty Impact Northern Territory Conveyancing?
Stamp duty is an added expense in the form of a tax, on top of whatever payment is agreed upon for the purchase of a property. This expense varies depending on a number of factors, including what state or territory the property was purchased in, the value of the property or the sale cost, depending on which one was higher, the type of property and whether you are classified as a first home buyer and/or a foreign purchaser. When buying property in the NT, stamp duty must be paid on settlement or within 60 days of the contract becoming unconditional, whichever is the earliest.
Stamp Duty Concessions, Exemptions and Grants
If you are a first home buyer, you may be eligible for a grant if you plan to buy a house and land package from a builder in the Northern Territory*. Currently, there are no Stamp Duty Concessions or Exemptions available in the Northern Territory. Our team is well versed in understanding any stamp duty concessions or grants you may be eligible for.
*Subject to change.
What is the Future of Stamp Duty?
Governments alter the rates and exemption options for stamp duty all the time. It’s important that any property buyers remain aware of changes to stamp duty and the best way to do that is by employing a professional conveyancer.
Do you need conveyancers in Darwin and the wider Northern Territory? Call Tschirpig Conveyancing on 08 8995 4900 for a consultation as to how we can best help you with your conveyancing questions and needs, or check out other ways you can contact us.