on 11-01-2021 09:06 PM
Recently we had a PEXA settlement on one of the commercial properties we purchased.
Solicitor initially calculated the Stamp duty on the purchase price. Just before the settlement they revised the stamp duty amount, which
is higher, due to the fact that stamp duty was calculated on the GST inclusive price.
Would like some confirmation on this.
on 25-01-2021 04:55 PM
Stamp Duty is calculated against the Consideration amount entered in the Transfer document. Thus the duty is solely dependent on the figure entered in this field. In your matter most likely the Consideration amount was amended and thus this would have changed the amount to be calculated for Stamp Duty.
If you require further assistance please contact our Support Centre on 1300 084 515
on 23-02-2021 02:21 PM
Stamp duty refers to the tax you pay on certain transactions and documents. One of these transactions where you need to pay stamp duty is when you purchase a property. Whether the price is inclusive or exclusive [of GST] will make no difference; duty is payable on the consideration which moves the transaction."
Stamp Duty will pay with GST.