Stamp Duty

Stamp duty is payable on the contract and on the mortgage.

The duty payable on the contract is calculated on the sale price, the higher the price the higher the duty. It is the purchaser’s responsibility to pay the stamp duty and this must be done before completion if you are borrowing money and in any event within three months of the date of the contract or a fine is payable for late payment.

The scale of duty payable on the contract is shown on the following page:

Stamp Duty Chart – for contracts for sale of land

Value of property and Rate of duty

Not exceeding $14.000 – $1.25 per $100 with a minimum of $10.00

$14,000 – $30,000 – $175.00 plus $1.50 per $100 in excess of $14,000

$30,000 – $80,000 – $415.00 plus $1.75 per $100 in excess of $30,000

$80,000 – $300,000 – $1,290.00 plus $3.50 per $100 in excess of $80,000

$300,000 – $1,000,000 – $8,990.00 plus $4.50 per $100 in excess of $300,000

Over $1,000,000 – $40,490.00 plus $5.50 per $100 in excess of $1.000.000

Plus the following

Transfer $2.00

The duty payable on the mortgage is calculated on the amount of the loan and must be paid before completion but in any event within three months from the date of the mortgage.

The rate of duty on a mortgage is;

Up to $16,000 $5.00

Over $16,000 $5.00 plus $4.00 for $1,000 or part thereof over $16,000.