What Is Stamp Duty?
Stamp duty, also known as transfer duty, is a one-off government fee paid by the purchaser of a property in South Australia. It is payable on the transfer of property.
Stamp duty is calculated on the purchase price or the market value of the property, whichever is higher.
So the higher the property value, the more expensive the stamp duty will be.
How Do I Calculate Stamp Duty In SA?
The stamp duty (transfer) in SA is calculated using the rates below:
|Property Purchase Price/ Value||Stamp Duty (Transfer Duty) Rate|
|Does not exceed $12,000||$1.00 for every $100 or part of $100|
|Exceeds $12,000 but not $30,000||$120 plus $2.00 for every $100 over $12,000|
|Exceeds $30,000 but not $50,000||$480 plus $3.00 for every $100 over $30,000|
|Exceeds $50,000 but not $100,000||$1,080 plus $3.50 for every $100 over $50,000|
|Exceeds $100,000 but not $200,000||$2,830 plus $4.00 for every $100 over $100,000|
|Exceeds $200,000 but not $250,000||$6,830 plus $4.25 for every $100 over $200,000|
|Exceeds $250,000 but not $300,000||$8,955 plus $4.75 for every $100 over $250,000|
|Exceeds $300,000 but not $500,000||$11,330 plus $5.00 for every $100 over $300,000|
|Exceeds $500,000||$21,330 plus $5.50 for every $100 over $500,000|
Source: SA State Revenue Office
For example, if you were purchasing a $400,000 house in Adelaide SA, you would fall within the $300,000 to $500,000 category. Therefore, you would be charged an upfront stamp duty of $11,330 plus an additional charge of $5,000 for a total of $16,330.
You may be able to add the cost of stamp duty to your home loan.
Give us a call on 1300 889 743 or complete our free assessment form to speak with one of our mortgage brokers.
What Other Fees Are There With Stamp Duty In SA?
In addition to the stamp duty, there is the:
- Mortgage Registration Fee: The mortgage registration fee is a flat $179 fee charged for registering the mortgage on the property title.
- Land Transfer Fee: The Land Transfer fee is an annual tax which applies to all properties in South Australia.
- An Australian Citizen
- A permemant resident of Australia
- A New Zealand Citizen, who holds a Subclass 444 visa
- Stamp duty of $26,830
- and a surcharge of $42,000
- for a total of $68,830
- Transfers from an estate of a deceased person to a beneficiary under a will
- Domestic partnership transfers
- Transfer of farming property between family members
From July 2020, the Land Transfer fee in SA can be calculated using the table below:
|Property Purchase Price/ Value||Land Transfer Fee|
|$0 – $5,000||$179.00|
|$5,000 – $20,000||$200.00|
|$20,000 – $40,000||$220.00|
|$40,000 – $50,000||$309.00|
|Above $50,000||$309.00 + 91.50 for every $10,000 above $50,000|
If you own multiple homes only the property deemed your principal place of residence will be eligible for the exemption. For example, if you own a holiday home and a house. Assuming all criteria are met, you may be eligible for exemption from land tax on your home as that is considered your principal place of residence. So your holiday house will be charged the Land Transfer Fee at the relevant rate.
How Much Is Stamp Duty For A Foreign Purchaser?
A foreign person is to any person who is not:
Foreign purchasers are required to pay a stamp duty surcharge of 7% of the value of their interest in residential land.
For example, a foreign purchaser buying a residential property valued at $600,000 is liable for:
SA Stamp Duty Exemptions
You may be exempt from paying stamp duty in SA in the following instances:
How Much Stamp Duty Do First Home Buyers Pay In SA?
Unlike most other states, South Australia (SA) does not have any stamp duty concessions/exemptions on stamp duty for first home buyers.
Basically, first home buyers pay the same rate of duty as everyone else.
Since July 2018, SA offers no exemption or concessions on stamp duty for off-the-plan purchases by first home buyers.
How Much Is The First Home Owners Grant In SA?
South Australia has a one-off First Home Owners Grant (FHOG) of up to $15,000 for eligible first home buyers building or buying a new home.
First home buyers in SA may also be eligible to apply for the First Home Loan Deposit Scheme potentially saving them tens of thousands in Lenders Mortgage Insurance fees.
FAQs: Stamp Duty SA
Who Pays The Stamp Duty In SA?
The stamp duty is paid by the purchaser of the property.
It is recommended that you hire the services of a qualified conveyancer or solicitor licensed to operate in South Australia (SA).
Your conveyancer or solicitor lodges an application on your behalf. They’ll also arrange for the duty to be paid. This is typically done as part of the settlement process. They’ll also know if you are entitled to any exemptions or concessions.
Who Is The Stamp Duty Payable To In SA?
The stamp duty is payable to the Revenue Office SA.
For further assistance, please email them on email@example.com or call them on (08) 8226 3750, select option 4.
When Is The Stamp Duty Payable In SA?
You become liable for stamp duty when the transaction or sale is finalised, and contracts are either exchanged or completed.
Your solicitor or conveyancer should be able to assist you on the matter.
If you’re taking out a home loan, the bank will want you to pay the stamp duty on the settlement date, so factor this fee into your calculation.
What If I Buy A Property Below Value?
In most cases, you will need to obtain a stamp duty valuation and pay stamp duty on the value as opposed to the purchase price.
This is common when someone buys a property from their family and is given a discount.
Are You Ready To Apply For A Home Loan?
Our award-winning mortgage brokers can assess your situation and work out if you have a large enough deposit to buy a home.
They can also clarify any questions you may have about the cost of stamp duty, transfer fees or first home owners grants.
Speak to one of our specialist mortgage brokers by calling us on 1300 889 743 or fill in our online assessment form to find out if you’re ready to buy.