Conveyancing is the process of transferring the ownership of a property legally from one individual to another. And conveyancing fees are the charges or rates levied by the government and solicitors for such transfers. In Australia, there are two main parts of this process: one is the exchange of contracts and second is the completion of formalities leading to your ownership.

Usually a conveyancer or a solicitor is hired to do the conveyance but you can also handle it yourself. In some areas like Queensland, a conveyancer works closely with the solicitor but in other areas, you can manage all by hiring a conveyancer only. You must also keep in mind that certain lenders also provide the conveyancing facilities without any fees to their borrowers.

The conveyancing fees are not fixed. You have to pay the cost of conveyancing to your hired lawyer or conveyancer. And it is usually charged on the basis of time and amount payable for legal formalities like registration. The various costs involved are:

•    Fees for searches. The searches reveal any disputes or problems affecting the property.
•    Registration fees that are charged for the process of transfer of title.
•    Stamp duty that varies from state to state and also depends on the total cost of house.

Solicitors charge a little higher than the conveyancing firms. The conveyancers give you a correct estimate of the costs involved. But as a user, you must know what all is included in the final figure presented to you and if it is the correct amount or just a rough estimate. You can get the information about the conveyance from National Electronic Conveyancing System which is a joint effort by the government and the industry to make it easier for the common people to know their conveyancing fees and details.

You can save the conveyancing fees by doing everything yourself although it  requires lot of effort from your side. You have to have a detailed understanding of all the concepts. It is complicated and a bit risky too so it is advisable to hire a professional to take care of the legal matters.

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Every country has certain taxes that need to be paid on the documents. Right from cheques, licenses to ownerships and transactions related to property, every document requires a particular amount to be paid to the government for it to be legally effective. These taxes are known as stamp duty rates. These rates are also levied on certain undocumented possessions like transferring title and policies and even home loans.

This collected tax or revenue is used to maintain all the public services. These include health care, safety and protection, law and order, education and public transport. In Australia, the first time home buyers are given concessions on the stamp duty rates and these vary from state to state. The regular stamp duty rates also varies as per state. Different states change the rate on the basis of the documents and the kind of transactions performed. Many states have now come up with transaction duty that is levied for giving the facility of not requiring any physical documentation.

The rates of stamp duty are discounted for some other business and home transactions. For this discount to be availed, certain criteria need to be fulfilled like the value of the property, its occupancy, its type. You can get in touch with the Office of State Revenue to find out about the policies and the various concessions available.

Stamp duty rates can increase the price of the property very significantly so whenever you choose a location, you must also give due thought to the amount of stamp duty you have to pay. The stamp duty can have its manifestation in various forms like transfer duty, mortgage, sale-purchase, lease and land ownership.

The Australian government keeps on revamping the stamping process that changes the rates as well as the concessions. According to Treasurers, there is also a possibility of abolishing number the duties over a period of time. Many states have already taken a step in making stamp duty rates on land quite affordable. You must keep a tab on all the latest developments in this field so that you are aware of your financial liabilities.

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Australia’s tax system is very in-depth. To understand it fully, you must first have an idea about different types of taxes levied on the people. One of the most important taxes is land tax that every homeowner has to pay.  It is an annual amount payable to the government for ownership of land and in some regions on the usage as well. This also includes holiday house and rented out accommodation.

The land tax varies from state to state and is usually determined by the councils. The property is first assessed to determine the tax levied on it. It is charged on the unimproved value of the land. Unimproved value is actually the market value of the land without making any structural changes under the normal circumstances. However, the land at the town sites in Western Australia and in metropolitan region in Perth is evaluated including certain improvements like drainage and walls. In some states of Australia, the taxes are rebated on the basis of usage of land and these are mostly extended to the places of residence.

Your place of residence is exempted from the land tax for that financial year provided it is you who is staying there. If the property is on the name of number of individuals and not all of them are residing there, then only a proportionate rebate is offered. If you run a business from your residence, then the part of land you are using for business purposes is not exempted.  You are also eligible for this rebate if you have purchased a piece of land that you are planning to build as your residence. You get the concession even in cases of renovation of your place.

If on the taxing date, you are still in your old home but about to move into the new house, you can easily claim exemption by completing certain formalities. The land that is non urban and is used for production is also eligible for exemption. The exemption is also extended to charity organizations, religious places, nursing homes, old age homes. You can make you land tax payments by cheques, credit cards, or through internet and telephone banking. Be aware of the type of land you own and pay taxes accordingly

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