Maybe ive just had too much xmas pudding, but im struggling to work out stamp duty on a house.

$250,001 - $500,000 $7225 + 3.5% of dutiable value

So say on $300k = $10,500 + 7225.

But the online calcs are saying $8925

http://www.moneybuddy.com.au/home-loans/guide-stamp-duty.html
http://www.mortgagechoice.com.au/calculators/stamp-duty-calculator.aspx

it's only 3.5% of the amount over 250k, i.e. the excess 50k

same way income tax is done

ah, makes sense. cheers

/thread

check the office of state revenue.

$75,000 to $540,000

$1,050 plus $3.50 for each $100, or part of $100, by which the dutiable value is more than $75,000


((300000 - 75000) * 0.035) = $7875 + $1,050

= $8925