Whilst the Torrens Assurance Levy (TAL) has been in place for over 6 months now, it is still a surprise to many in conveyancing transactions. The TAL is an additional amount that is payable to the Land and Property Management Authority when the transfer is registered. It applies to purchases valued at $500,500.00 or more. The TAL can be a sting in the tail at the end of the transaction if the purchaser is unaware of its existence.
Stamp duty continues to be a significant cost in the purchase of land. First home buyers may be eligible for either an exemption or concession based on what the property is worth (full exemption if under $500,00.00 and partial exemption for property between $500,000.00 and $600,000.00). For high end transactions, premium stamp duty may apply if the property is more than $3,000,000.00.
One thing is for sure, the NSW government continues to reap a taxation harvest for property transactions.
particular barrier for those who have retired and are on fixed incomes as they have both a limited and finite income
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