Attachment C: stamp duty and land tax inconsistencies between States and Territories as at 30 March 2017 ACT NSW NT QLD SA TAS VIC WA STAMP DUTY TREATMENT Legislation Duties Act Duties Act Stamp Duty Duties Act Stamp Duties Duties Act Duties Act Duties Act 1999 1997 Act 2001 Act 1923 2001 2000 2008 Max Duty Rate (commercial property) 4.5% (on all 5.09% 5.5% 5.45% 5.75% 3.67% 5.5% 5.15% property) Phased Full abolition of duty abolition of duty on commercial property - duty rates reduced by a third from 7 December 2015, will 20 year reduce by a . timeframe further third from 1 July 2017, before the duty is abolished from 1 July 2018 (excludes residential and primary production) Additional taxes on foreign property 9.5% surcharge rate on foreign 7% additional purchases of 3% additional duty on the residential duty on the dutiable value land dutiable value of land on of foreign N/A foreign 2.75% land tax purchases of purchases of for foreign residential residential owned land land residential land (ordinary 2%) Premium property duty 7% duty on houses above $3m N/A 11% for foreigners
Attachment C: stamp duty and land tax inconsistencies between States and Territories as at 30 March 2017 STAMP DUTY TREATMENT ACT NSW NT QLD SA TAS VIC WA Legislation Duties Act 1999 Duties Act 1997 Stamp Duty Act Duties Act 2001 Stamp Duties Act 1923 Duties Act 2001 Duties Act 2000 Duties Act 2008 Max Duty Rate (commercial property) 5.09% 5.5% 5.45% 5.75% 3.67% 4.5% (on all property) 5.5% 5.15% Full abolition of duty 20 year timeframe Phased abolition of duty on commercial property - duty rates reduced by a third from 7 December 2015, will reduce by a further third from 1 July 2017, before the duty is abolished from 1 July 2018 (excludes residential and primary production) . Additional taxes on foreign property 9.5% surcharge rate on foreign purchases of residential land 2.75% land tax for foreign owned residential land (ordinary 2%) 3% additional duty on the dutiable value of foreign purchases of residential land N/A 7% additional duty on the dutiable value of land on foreign purchases of residential land Premium property duty 7% duty on houses above $3m 11% for foreigners N/A
Differences-in-core-definitions-and-concepts-between-state-territory-and-federal-tax-laws-.docx