Stamp duty surprises

When property developers buy sites for development, it is not uncommon for the site to be comprised of several lots which may have different sellers and therefore, separate contracts for each seller is required which are usually conditional on each other settling.

Stamp duty will more than likely be ‘aggregated’, put simply, this means that the amount of duty will be higher than if duty was paid on each contract separately. If you are new to the property development game, make sure you get the right advice when having the stamp duty assessed on your contracts.

If the amount of duty is insufficient, the Office of State Revenue penalise you with interest, fees and taxes on the duty.

If you would like to know more about this, please contact us on 3310 8716 or email.