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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Tags: stamp duty, stamp duty rates

This entry was posted on Wednesday, October 6th, 2010 at 10:00 am and is filed under property investment. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.