Is Stamp Duty Tax Deductible?

 


What is a Stamp Duty?

Stamp duty is also called transfer duty, which is the tax that you are required to pay to the state and territory governments when you make certain transactions. These transactions include mortgage or lease applications and transference of properties, not solely real estate, but also businesses or shares.

It is quite difficult to know what can and can’t be claimed on tax in the property market. When you purchase a property, there are various things that can be claimed on your tax return and many of the fees that come when applying for and buying a new property. It is common for property buyers to know whether or not this fee is tax deductible, or if there are any exemptions.

Is Stamp Duty Tax Deductible?

For all of those looking to get home ownership or become a property investor, stamp duty is not tax deductible as it is a capital expense, a once-off payment of property or buildings. You will have to make the full payment of stamp duty according to your state or territory government’s charges. However, in some states, first-home buyers are allowed to not pay stamp duty on their new home. You can reach out to Star Home loans as we can help you check if you are eligible for an exemption in your state or territory. For more information visit read our blog 

Is Stamp Duty Tax Deductible?

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