Stamp Duty on the Transfer of Land or Business

Each state and territory is different and we can assist with information in these areas. Examples are:

How duty is calculated as provided on the NSW Government Web Site March 2014 for NSW.

For new leases in Business sales no Stamp duty is applicable in NSW and this is why we are now seeing 30 year straight agreements rather than the 10+5+5+5+5 year agreements of the past. Each State varies and needs to be checked, but our understanding is that this benefit and others exist in Victoria and Queensland is similar to NSW. For specifics, let us assist you to the correct areas so your situation can be checked.

 

Transactions that attract the general rate of duty

A transfer of dutiable property and an agreement for the sale or transfer of dutiable property.

For more information on the assessment of duty over land and improvements refer to your solicitor, Accountant or the NSW Government or Queensland web site on
http://www.osr.qld.gov.au/calculators/transferduty.shtml

Queensland is Australia’s lowest taxed state for business.

Payroll tax is the major State-based tax charged by all Australian states.

At just 4.75 per cent, Queensland companies pay the lowest payroll tax of any state in Australia. In addition, companies are not required to pay this tax until total wages and salaries exceed A$1 million per annum.

 

 

Dutiable value of the dutiable property subject to the dutiable transaction

Rate of duty

$0 - $14,000

$1.25 for every $100 or part of the dutiable value

$14,001 - $30,000

$175 plus $1.50 for every $100 or part , by which the dutiable value exceeds $14,000

$30,001 - $80,000

$415 plus $1.75 for every $100 or part, by which the dutiable value exceeds $30,000

$80,001 - $300,000

$1,290 plus $3.50 for every $100 or part, by which the dutiable value exceeds $80,000

$300,001 - $1m

$8,990 plus $4.50 for every $100 or part, by which the dutiable value exceeds $300,000

over $1m

$40,490 plus $5.50 for every $100 or part, by which the dutiable value exceeds $1,000,000

 

Statutory Payroll Tax Rates and Deductions

Source:  Respective State Pay Roll Tax web sites

Transfer duty rates as at March 2014

State/Territory Rate (%) Annual Threshold ($)*
NSW 5.45 750,000
ACT 6.85 1,750,000
VIC 4.90 550,000
QLD 4.75 1,100,000^
TAS 6.1 1,250,000
SA 4.95 600,000
WA 5.5 750,000
NT 5.5 1,500,000

 

 

* The above thresholds may be reduced where the company is part of a group and/or pays interstate wages.

This threshold reduces by $1 for every $4 of Australian wages over $1,100,000