Stamp duty is a tax levied in Australia on all major transactions such as purchase of new home, transference of ownership of property. Stamp duty is paid by the debtor to a lender when he acquires a loan from the lender for the purchase of property such as houses and lands.
Stamp duty can have a major impact on the total expenditure you make while purchasing a home or land, it is advised to calculate the stamp duty before making the final payment. The stamp duty in Australia varies from 1.25 -% to 6.75.
%Stamp duty levied on your transaction can be calculated through stamp duty calculators. Stamp duty calculators provide individuals to easily calculate the stamp duty on their transaction. To use a stamp duty calculator, you need large amount of information. This information is very important if you want to calculate the accurate amount of stamp duty levied on your transaction. The information required to calculate stamp duty through stamp duty calculator is as follows:
First you should know the area you are living in, stamp duty in Australia varies from city to city. Stamp duty charged in Manchester is different from the stamp duty charged in Sydney. Secondly, to calculate the stamp duty you need to know the value of your property. The charge of stamp duty changes with changes in the price of property. Stamp duty levied on properties that have a high value is higher than the properties that have a lower value.
Thirdly, to calculate stamp duty you have to know the purpose of the purchase of property. The purposes are divided into two categories: residential and commercial. Stamp duty charged on commercial properties is higher than the stamp duty charged on residential. The amount of loan you have taken for your property or home even affects the stamp duty charged on your transaction.
Knowing all this information does not only help you calculate the accurate stamp duty of your transaction, it even helps you calculate the discounts you can obtain on stamp duty. If you fall under the category of First Home Owner, no stamp duty is levied on your transaction if the property is priced from $1 to $500,000 and a discounted amount of stamp duty is charged if your transaction is of more than $500,000
All the above stated information will help an individual calculate the stamp duty he is liable to pay. The stamp duty calculator even shows the amount of transfer fee, mortgage registration fee, and stamp duty on loan and property an individual is liable to pay.Read the rest of this post »