What is NT stamp duty?
Stamp duty in NT is a state government tax applied to the sale or transfer of many personal and business-related assets, most commonly real estate. When buying or otherwise taking possession of homes or land, it’s referred to as Northern Territory land transfer duty.
How much is stamp duty in NT?
Each state in Australia applies stamp duty differently, with individual rates, purchase thresholds, and exemptions that eligible buyers will need to understand how to calculate payable duty or apply for concessions when purchasing a home.
The stamp duty you will pay may vary, depending on:
- The state or territory the property is located in
- The cost of the purchase
- The type of property you purchase
- Your residency status
- Your income and partner’s income
- Your eligibility as a first-home buyer
- Your eligibility for pensioner concessions
You can use the TAS stamp duty calculator to estimate how much duty may be payable.
Generally, first-home buyers and properties under $500,000 in value will attract the lowest amount of stamp duty across all states of Australia.
Who pays stamp duty in NT?
The person or business purchasing the property or receiving the transfer of assets will be liable to pay stamp duty in NT. As this can often be a significant additional cost on the purchase price of property, it’s important to estimate the transfer tax on properties so you can clearly understand your financial obligations.
How do you pay NT stamp duty?
Stamp duty can be paid by direct deposit, cheque, credit card, and other major payment options. In most cases, you will receive a notice from your state government office, delivered to the address of the purchased property or by e-mail. This letter will often contain:
- The amount of stamp duty payable
- Details on the tax and how it was calculated
- Concessions or exemptions included in the calculation
- Payment options
- Payment due date
- Information regarding late payments and associated penalties or charges
- Reference details for the notice and payment
Payment due dates can be anywhere between the day of settlement and up to three months following the purchase of property.
Stamp Duty Calculator NT
Northern Territory (NT) Stamp Duty
Stamp duty is calculated differently in the NT than in other Australian states. A formula is provided by the Northern Territory Government to help estimate stamp duty on properties purchased for less than $525,000:
- (0.06571441 x (V x V)) + 15V
- V is 1/1,000 of the property’s dutiable value
For example, if you were to purchase a property valued at $500,000, the amount of stamp duty you would pay is:
- (0.06571441 x (V x V)) + 15V
- (0.06571441 x (500,000/1,000 x 500,000/1,000)) + 15 x 500,000/1,000
- (0.06571441 x 250,000) + 15 x 500
- 16,428.60 + 7,500 = 23,928.60
- The stamp duty applied to a $500,000 property will be $23,928.60
|Purchase price of property||Stamp Duty payable|
|Up to $525,000||Based on NT duty formula|
|$525,001 - $3,000,000||4.95% of the property value|
|$3,000,001 - $5,000,000||5.75% of the property value|
|More than $5,000,000||5.95% of the property value|
Payment Due Date
NT stamp duty needs to be paid within 60 days from settlement day.
The NT government provides a stamp duty concession for first-home buyers on both new and established properties up to $500,000. To be eligible:
- You need to be purchasing your first home in Australia
- The home must be used as your principal place of residence for at least six months, within 12 months of taking ownership
- The home’s value cannot be more than $650,000
This concession is additional to any first-home owner grants you may be entitled to claim.
You can visit the NT Department of Treasury and Finance site to learn more about thresholds, exemptions, and how to contact your state office.
Other Money.com.au Calculators
Calculated your Stamp Duty and want to work out other finance calculations? You can visit our dedicated page to view the full list of financial calculators, which you can use to estimate your tax refund, car loan repayments, calculate capital gains tax (CGT), and much more.