Stamp duty rates NSW is levied on the full price of the property to be paid by the purchaser.  As in most states of Australia, the home buyers in New South Wales pay a stamp duty on purchase of real estate.  Stamp duty rates in NSW differ from other states.  The first home buyers’ concession on stamp duty allows the person who is a first home buyer to pay no stamp duty at all.  It is applicable for purchase of both house and vacant land.  

Owner occupied housing

In NSW the duty on mortgages was abolished for owner occupied houses from 1st September 2007.  If the mortgage secures an advance or advances in respect of owner occupied housing he/she is eligible for this exemption.  

Investment Housing

In the case of mortgages that secure an advance or advances meant for the purpose of investment housing the mortgage duty will not be charged from 1st July 2008.

Land Tax

Land tax is payable by land owners in NSW as on 31st December of every year.   There is an exemption from land tax for the land used as your principal place of residence and land that is used for primary production such as a farm.  Tax is applicable if the land you own is

1. Vacant land even if it is in a rural area
2. If the land has a holiday home built on it
3. Used as industrial, commercial or residential units.
4. Used as company title unit
5. If the land is an investment property

Under the provisions of the stamp duty rates act NSW, the land tax threshold has been determined as $368,000 for the year 2009.

Lease Duty Abolished

According to stamp duty rates NSW, duty on lease instruments was abolished with effect from 1st January 2008 in NSW.   The exemption comes into force when

1. A lease duration is less than a year and the cost in this connection does not exceed $20,000
2. A lease which has a duration of one year or more and when the total cost is less than  $20,000
3. A lease of building to the NSW home care service
4. A lease that is executed conforming to the Part V of the Commonwealth National Health Act 1953
5. A lease for residential purposes that is less than 5 years
6. A lease used or intended to be used as the principal place of residence of the person who is the lessee for less than 5 years

Eligible persons can complete the necessary paperwork to apply for the exemption.

However, stamping is necessary for leases if they fall under the following categories:

• A lease or agreement where a premium is paid or agreed to be paid unless for lease of premises of retirement village as mentioned in section 5 of the Retirement villages Act 1999.
• If the lease pertains to an option if an amount is payable or paid for granting the option
• If it is a surrender of lease
• In case of transfer or assignment of lease

To avail concessions and exemptions, it is advised to go through and understand the provisions of the stamp duty rates NSW.