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Stamp Duty

 

What is Stamp Duty?

According to the Office of the Tax Commissioner, stamp duty represents a charge on legal instruments as specified under the various Heads of Charge in the Stamp Duties Act 1976 (“the Act”). Leased contracts will not hold up in a court of law unless they have been duly stamped. Real estate agencies thereby require that all Landlords and Tenants have their leases stamped. Although the norm is for both parties to share the cost of stamp duty equally, alternative payment options can be agreed to between Landlord and Tenant.

 

The amount of stamp duty on a rental lease is based on the monthly rental amount. The rates that are currently in effect are summarized in the table below:

 

Monthly Rent

Stamp Duty

Tenant Copy Amount

Under $1,200

$75

$25.00

$1,200 to $1,499

$100

$25.00

$1,500 to $2,499

$150

$25.00

$2,500 to $3,499

$200

$25.00

$3,500 to $4,999

$300

$25.00

$5,000 or more

$400

$25.00

  

The stamps are affixed to the “original” copy of the lease for the Landlord and a “duplicate” stamp is purchased for an additional $25 which is affixed to the Tenant’s copy of the lease.

 

With regard to stamp duty payable for the conveyance of property or sale of land, the rates are as follows:

 

Amount

Percentage

Amount

First $100,000

2%

$2,000

Next $400,000

3%

$12,000

Next $500,000

4%

$20,000

Next $500,000

6%

$30,000

Over 1.5 million

7%

$140,000

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