09 Apr Government tax paid
Buying a new home is one of the largest purchases that most Australians will make and the sums changing hands means that the amount of stamp duty payable can be a problem. But what is stamp duty? It is tax revenue levied by states usually in the transfer of assets or property. As a guideline for those venturing into the Australian property market, buyers are always advised to budget for between 2.5% and 4% of the purchase price or $20,000 for a property worth $500,000 to cover the stamp duty.