How do I calculate stamp duty for property transactions in NSW?
To calculate NSW stamp duty for property transactions, you can use an online NSW stamp duty calculator or follow this formula:
- Determine the property's purchase price or market value.
- Identify the property type (e.g., established home, new home, vacant land).
- Consider any applicable exemptions or concessions (e.g., first home buyer NSW stamp duty concessions).
- Calculate the duty payable based on the property's value and type of transaction using the NSW government's stamp duty rates.
Alternatively, consult with a conveyancer or visit the NSW Office of State Revenue website for detailed guidance.