What is Stamp Duty?
This is a property tax paid to the Government. In accordance with the Stamp Duty Legislation a number of documents require stamping. Some of these include:
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Deeds of Conveyance |
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Deeds of Gift |
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Deeds of Mortgage |
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Release of Mortgage Loan |
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Power of Attorney |
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Transfer of Shares |
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Deeds of Lease |
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Deed Polls |
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Bonds- Performance and other wise |
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Deeds of any other kind |
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Property Rates: |
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For properties with values over $450,000 stamp duty is computed
as follows:
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5% on the first $100,000
7.5% on the next $100,000 and;
10% thereafter
There are no exemptions on Non-Residential Conveyances e.g. land only.
The rates applicable are:
2% up to $300,000
5% over $300,000 and up to $400,000
7% over $400,000
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Deed of Residential Mortgage |
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This deed is used in the purchase and/or construction of a residential property. Property valued up to $315,000 are exempt from stamp duty.
Where the value exceeds $315,000 stamp duty is payable on the full amount at the rate of 50¢ for every $250.00 or part thereof.
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Bonds |
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Performance Bonds are stamped at the rate of 50¢ for every $250.00 or part thereof.
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Estate Bond |
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The stamp duty on an Estate Bond is at the fixed rate of $10.00.
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Tender Bonds |
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The stamp duty on a Tender bond is at the fixed rate of $25.00
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Transfer of Shares |
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- When shares are being transferred the Company's Auditor must be provide a Valuation Report.
The stamp duty charged is the greater of - 5% of the value of the shares transferred or 5% of the consideration given, where the company is registered on the Stock Exchange.
- Where the company is not registered on the stock exchange, the stamp duty charged is the greater of - $5.00 per $1000. of the consideration given or $5.00 per $1000 of the value of the shares transferred.
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