Stamp Duty
Stamp Duty is a tax on written documents (‘instruments’) and on certain transactions. It is imposed by state and territory governments. It can vary depending on the state or territory, and may be called stamp duty, transfer duty or general duty.
Stamp duty is a tax that is levied on documents. Historically, this included the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions. A physical stamp (a revenue stamp) had to be attached to or impressed upon the document to denote that stamp duty had been paid before the document was legally effective. More modern versions of the tax no longer require an actual stamp.
What transactions are taxed?
Taxable transactions include:
- motor vehicle registration and transfers
- insurance policies
- leases and mortgages
- hire purchase agreements
- transfers of property (such as businesses, real estate or certain shares).
The rate of stamp duty varies according to the type and value of the transaction involved.
Instruments chargeable by the State Internal Revenue Service
- Flat Rate Charges
| Type of Instrument | Old Rate | New Rate | |
| 1. | Affidavit-Affirmation, Statutory declaration. Declaration of age, Declaration of loss of items; Declaration of Ownership of property etc. | 15.00 for original Copy and 10.00 | 10.00 original Copy and 5.00 extra copy. |
| 2. | Ordinary Tenancy Agreement (not involving corporate bodies, Government or Agencies) | 25.00 | 250.00 |
| 3. | Ordinary receipts | 5.00 | |
| 4. | Certificate of Occupancy. | 100.00 |
50.00 original copy and 20.00
Counterpart copy. |
| 5. | Agreement (Under Seal) | 20.00 original and 10.00 for each extra copy. | 50.00 original and 20.00 extra copy |
| 6. | Agreement (Memo of any agreement) | 15.00 original and 10.00 extra copy. | 50.00 original and 20.00 extra copy. |
| 7. | Oath and other affiliate bodies relating to above | 15.00 | 50.00 original and 20.00 extra copy. |
| 8. | Bond (ordinary) | 15.00 original and 10.00 extra copy. | 50.00 original and 20.00 extra copy. |
| 9. | Gift (Land) Gift (Other than Land) |
15.00
25.00 |
50.00 original and 20.00 extra copy |
| 10. | Collateral Security | 20.00 | 50.00 original and 20.00 extra copy. |
| 11. | Certificate | 15.00 | 50.00 original and 50.00 original and 20.00 extra copy. |
| 12. | Legacy (Movable Property) | 1.00 on every 100.00 | 50.00 original and 20.00 extra copy. |
| 13. | Proxy forms or cards | 50.00 | 50.00 original and 20.00 extra copy. |
| 14. | Partnership | 100.00 | 50.00 original and 20.00 extra copy. |
| 15. | Bank Guarantee | 15.00 original and 20.00 extra copy. | 50.00 original and 20.00 extra copy. |
| 16. | Appointment of Trustee or of Attorney | 50.00 | 50.00 original and 20.00 extra copy. |
| 17. | Appointment of Commissioner for Affidavit | 50.00 | 50.00 original and 40.00 extra copy. |
| 18. | Warrants of Attorney of any Kind | 50.00 | 50.00 original and 20.00 extra copy. |
| 19. | Notaries Act | 2.50 | 50.00 original and 20.00 extra copy. |
- Ad-Valorem Charges
| Type of Instrument | Old Rate | New Rate | ||
| 1. | Contract Agreement | 1.00 on every 200.00 | 1.00 on every 200.00 | |
| 2. | Land Agreement | 1.00 on every 50.00 | 1.00 on every 50.00 | |
| 3. | Lease Agreement, Sublease agreement | 1.00 on every 50.00 | 3.00 on every 100.00 | |
| 4. | Lease Hold Agreement or Rent Agreement | |||
| (i) | If the term is less than 1 year |
1.00 on every
50.00 |
||
| (ii) | 1-7 years | 40.00 0n every |
3.00 on every
(100.00 (multiplied by the number of years) |
|
| (iii) | 7-12 years | 40.00 on every 50.00 | ||
| (iv) | 21 years and above | 5.00 on every 50.00 | ||
| (v) | Indefinite period | 6.00 on every 50.00 | ||
| 5. | Deed of Assignment Deed of Ratification, Deed of Confirmation | 1.00 on every 50.00 | 1.00 on every 50.00 | |
| 6. | Deed of Release, Hire Purchase or Surrender | 1.50 on every 200.00 | 1.00 on every 200.00 | |
| 7. | Legacy (Immovable) | 50.00 | 1.00 on every 100.00 | |
| 8. | Promissory Notes/IOU | 1.00 on every 200.00 | 1.00 on every 200.00 | |