Stamp duty in the Northern Territory
If you’re buying a property in the Northern Territory, you may need to pay stamp duty, a tax on property transactions which take place in the NT. However, if you meet certain criteria, you could receive big discounts.
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Stamp duty is a state government tax that's payable when you buy a home, land or business property in the Northern Territory. It can be a big expense, on top of all the other costs associated with buying a home. But the good news is there are discounts available for some purchasers that could see them save thousands in stamp duty or even pay none at all.
How much is stamp duty in the Northern Territory?
Calculating stamp duty in the NT is a little more complicated than other states, particularly for properties worth less than $525,000.
Here are some example stamp duty costs for different property values for buyers who are not eligible for a discount.
The following table explains how stamp duty is calculated, on a sliding scale depending on the value of the property.
Source: Northern Territory Government
Territory Home Owners Discount
If you're buying a property valued up to $650,000 as an owner-occupier, you could be eligible for up to $18,601 in discounts on the stamp duty you need to pay under the Territory Home Owner Discount (THOD) scheme. To qualify, you need to be over 18 years old, an Australian citizen or permanent resident, and must not be receiving any other grant or concession for the same property, with the exception of the BuildBonus and the $10,000 First Home Owners Grant (FHOG).
You (and your spouse, if you have one) must also not have held an interest in any other property in the Northern Territory for the past two years, and you must intend to live in the property as your principal place of residence for at least 6 months, within 12 months of taking possession of the home. If you're buying vacant land, you'll need to supply evidence of your intention to build a home on it when you lodge your forms.
If you're eligible, you'll receive a discount of either the total amount of duty payable, or $18,601, whichever is lower. Here are a few examples of how much stamp duty you'll pay, if you qualify for the THOD:
|Property value||Stamp duty usually payable||Stamp duty payable with THOD|
Source: Northern Territory Government
The THOD will end on 30 June 2021.
Example: Tim is buying a home in Darwin, valued at $600,000. His stamp duty would usually be $29,700, but because he qualifies for the THOD, he'll only pay $11,099 ($29,700 - $18,601).
Stamp duty calculator
Use our stamp duty calculator to estimate your costs. Just set the state/territory to NT before starting. Note that this is just an estimate and may not reflect your actual costs.
Other stamp duty concessions
The first home owner discount ceased in the NT in 2019, but first-time buyers can still receive the THOD of up to $18,601, if they meet the other criteria.
They may also be able to apply for the Home Buyer Initiative, if they earn under the thresholds for this program. Seniors, pensioners and carers may be eligible for a $10,000 discount on their stamp duty.
First home owners grant
Eligible first home buyers can also get a $10,000 grant when buying or building a new home. It is possible to qualify for this grant plus the THOD.
When is stamp duty payable?
In the NT, stamp duty is payable within 60 days of entering into the transaction or at settlement, whichever is earlier. If you don't pay on time, you may be charged penalty tax on top of the stamp duty.
More questions about Northern Territory stamp duty
Q: I'm buying a home in Darwin for $700,000, can I get a stamp duty discount?
No, only properties valued at up to $650,000 are eligible for the THOD.
Q: We're having another baby and are thinking of selling our house so we can trade up to a bigger home. Can we get the THOD?
No, you're not eligible for the THOD if you've held an interest in a property within the last two years.
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