Revenue Nsw Transfer Duty

You must pay stamp duty on the assignment or transfer of a lease.

Revenue nsw transfer duty. Stamp duty concession for transferring real estate between smsfs in nsw 09 july 2019 topics. Nsw s economy is projected to shrink by 0 75 per cent before growing by 2 5 per cent in 2021 22 with 25 billion in revenue to be wiped out over four years. The nsw government expects to collect 8 billion in transfer duty mostly residential stamp duty this financial year and that will reach 10 5 billion by 2023 24. Transfer duty wa in wa your responsibility is to prepare an application for a duty assessment in the revenue online system and print a certificate of duty to obtain a certificate number prior to creating your transfer document.

Compared to 2 8 per cent in the four years to 2020 21 forecast in the 2017 18 budget. You then enter this certificate number in pexa on the transfer duty screen. You must pay transfer duty once known as stamp duty in nsw when you buy. Our revenue represents over 35 per cent of nsw finances.

We are responsible for collecting revenues administering grants and recovering debts on behalf of the people of nsw. Transfer duty is forecast to grow at an average annual rate of 1 5 per cent in the four years to 2021 22. Property including your home or holiday home. Proposed tax reform consultation the nsw government is currently undertaking a public consultation process to seek feedback on this proposal.

Even if you are not paying any money for the transfer you must still pay a nominal sum of 10 for each time you transfer your lease to the nsw office of state revenue. For more information about the proposed changes visit the nsw treasury website. Property and planning law superannuation tax and revenue. Nsw raises about 7 billion or 24 per cent of annual tax revenue from transfer duty.

You must also pay transfer duty when you acquire land or an interest in land without buying it. Vacant land or a farming property. Commercial or industrial properties or. The amount will depend on whether you are paying any money specifically for the transfer.

A business which includes land.