What is Stamp Duty on Contract ?

Stamp Duty on Contract (also know as Transfer Stamp Duty)

A State or Territory Government tax (based on where the property is situated) payable by the purchaser of real estate and assessed on the purchase price of the property. Depending on the individual State legislation, the duty is payable to the Office of State Revenue anywhere from the day of settlement to three months after the date of exchange of contracts. Some first home buyers may be eligible for a concession on the stamp duty.