Some clients that we have assisted with property transactions have been unaware of the Premium Property Stamp Duty payable on residential property transactions in excess of $3 million.

The duty payable is calculated as $150,490 plus $7 for every $100 that exceeds $3 million.

In comparison, the rate for properties less than $3 million pay duty at the lower rate of $40,490 plus $5.50 for every $100 that the value exceeds $1,000,000.