Transfer duty, or stamp duty as we more commonly refer to it, is a state tax payable on certain transactions such as the purchase or transfer of property. This is calculated using the value of the property or the consideration paid, whichever is the higher. Transfer duty can even be assessed when the transfer is a gift. The rates of duty vary from 1.5 per cent to 5.75pc, increasing as the value of the transaction increases. Transfer duty is payable by the purchaser or acquirer. The rates and rules for transfer duty differ between the states and territories.
