What is stamp duty (transfer duty) in South Australia?
Correct Answer
D) A state tax, generally paid by the purchaser, on the transfer of land
Stamp duty (transfer duty) in SA is a state government tax payable by the purchaser upon the transfer of real property. It is calculated on a sliding scale based on the purchase price or market value, whichever is higher.
Why This Is the Correct Answer
Transfer (stamp) duty is a state tax under the Stamp Duties Act 1923 (SA), administered by RevenueSA and generally paid by the purchaser, on the greater of the price and the market value.
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- → Which of these amounts received by a NSW sales agency is trust money under the Property and Stock Agents Act 2002?
- → An agency records every sales deposit it holds in a single ledger headed 'Sales deposits'. What does the Regulation require instead?
- → A property manager receipts $1,800 cash rent on Tuesday and locks it in the office safe for the agency's usual Friday banking run. Is this compliant, assuming Wednesday banking was practicable?
- → A supplier obtains a court judgment against a NSW agency for unpaid office fit-out costs and tries to enforce it against the agency's trust account. What is the position?
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- → At the end of August an agency balances its trust cash book and reconciles it to the bank statement. By when must it prepare the trial balance of all trust ledger accounts?
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- → A vendor and purchaser agree that the 10% deposit on a long settlement should earn interest for them. How can the agent hold it so the interest is not paid to the Statutory Interest Account?
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