From 1 July 2019 the stamp duty brackets will be indexed to the Consumer Price Index (CPI) annually.
The standard transfer duty calculations from 1 July 2019 are:-
The premium rate for residential properties will also increase to $3,040,000 and the premium transfer duty rate is to be $152,502 plus $7.00 for every $100 over $3,040,000.
An online calculator for stamp duty is available at www.revenue.nsw.gov.au
Although the immediate savings in stamp duty are modest, it is believed that it will become substantial for purchasers in the long term.
There is also a proposal for holders of retirement visas (subclass 405 or 410) to be exempt from the surcharge duty.
If you have any questions, please do not hesitate to contact one of our offices.