Stamp duty began back in1765 when the Stamp Act of the British Parliament was initiated. The tax duty was started on the American colonists. They were required to pay taxes on all printed paper such as licenses, newspapers, ship papers or legal documents. During those times the funds that were collected from the stamp duties was used to pay for positioning troops in varies locations in America.
Stamp duty is tax that is on legal documents that is normally on the transfer of assets or property. Taxes are enforced on the transfer of homes, buildings, copyrights, land, patents and securities. The legal documents are only legally enforceable when they are stamped showing the amount of tax that was paid. The stamp duty rates are charged by either a flat rate or a value rate.
These rates are based on the value of a transaction, which will depend on the document or transaction. Stamp duty rates can be figured out by using the stamp duty calculator. The calculator will estimate the amount that will need to be paid. The Australia stamp duty calculator can only provide an indication that might be charged.
Western part of Australia rates range from 1.9 percent through 5.15 percent. Dutiable value $0-120,000 is 1.9%, $120,001-150,000 is 2.85%, $150,001-360,000 is 3.8%, $360,001-725,000 is 4.75% and anything over $725,000 is 5.15%. South Australia rates range from $0-12,000 is 1%, $12,001-30,000 is 2%, $30,001-50,000 is 3%, $50,001-100,000 is 3.5%, $100,001-200,000 is 4%, $200,001-250,000 is 4.25%, $300,001-500,000 is 5% and anything over $500,00 is 5.5%.
Australia charges a stamp duty on different written documents and transactions. Australia has a variety of major forms of duty such as transfer duty on the sale of land, businesses, shares, mortgage duty, lease duty and duty on hire of goods. When purchasing your first home there are rebates or exemptions available from transfer duty and mortgage duty.
In Australia stamp duty rates are considered the most high on purchasing property or a home than any other country. There is a first time home buyer discount, which helps make it easier for individuals to get their first home. It is a legal requirement within 30 days the duty must be paid. Duties are not charged from the Australian Federal Government; instead it is done by the state and territory governments. Present time money collected from the duties is contributed in helping their society.