New Buyer Stamp Duty Rates

Date

Quick guide to calculate the New Buyer Stamp Duty

Purchase Price/Market Valuation Formula for Quick Calculation
For property < $1,000,000 3% * Purchase Price/Market Valuation – $5,400
For property > $1,000,000 but < $1,500,000 4% * Purchase Price/Market Valuation – $15,400
For property > $1,500,000 but < $3,000,000 5% * Purchase Price/Market Valuation – $30,400
For property > $3,000,000 6%* Purchase Price/Market Valuation – $60,400

How does this affect buyers?

For a $2,000,000 property, the increase in BSD payable would be from $64,600 to $69,600. Impact: $5,000

For a $3,000,000 property, the increase in BSD payable would be from $104,600 to $119,600. Impact: $15,000

Is this a cooling measure?

Considering the quantum of the properties involved, the increment in BSD payable is rather marginal.

We do not see this as a move to cool property prices down; it is likely to be the government’s way of moving property taxes towards a more progressive structure instead.

According to Lawrence Wong, “Everyone contributes something, but those who are better off contribute more.”

Speak to us if you’d like a non-obligatory free consult! 

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