In NSW, stamp duty on residential property purchases is calculated based on:
Correct Answer
C) The higher of the price or the market value
Under the Duties Act 1997 (NSW), transfer duty is charged on the dutiable value of the property, which is the greater of the consideration paid and the unencumbered market value. This stops parties reducing duty by selling below market, for example between relatives. Revenue NSW can assess market value where it doubts the price.
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