Stamp Duty iPhone app review

by Greg on May 25, 2012

Stamp Duty iPhone App

Victorian State Revenue Office (SRO) created a nice free iPhone app that helps you calculate the land transfer duty you will have to pay when buying property.

This app greatly simplifies for you the process of finding out exactly what grant, bonus or boot applies to your particular situation as a home buyer.

First of all, just in case you didn’t know, I’m quoting from the SRO website:

“When you buy Victorian land, which may include buildings, you are liable to pay duty.

The duty payable is based on the market value of the property or the purchase price, whichever is greater.”

This is the main screen of the app:

VIC SRO Mobile App Home Screen

To calculate the Land Transfer Duty using the app you’ll need to enter the market value or the sales price of the property, select whether this will be your principal place of residence or not, also select whether this would be the first home you ever purchased.

Then you tap on the “Calculate” button and get the amount you will have to pay.

VIC SRO Mobile App Home Screen

 

Keep in mind that you need an active data connection (3G or Wifi) for the calculation to work, and while it may seem to be a drawback, there is a positive side to it – you will get an up-to-date result as the calculation will take into consideration current legislation.

In addition to the Land transfer duty calculator the app provides useful information for first home owners. If you are going to be a first home owner, the app will show you how much money you receive in First Home Owner Grant (FHOG), First Home Bonus, and First Home Owner Regional Bonus depending on whether you buy an established home, or a newly constructed home in Metropolitan or Regional Victoria.

 

VIC SRO Mobile App Home Screen

This information is pretty much static, so as of May 2012, for first home owners (hopefully if it changes, it will also be changed automatically within the app):

– If you buy an established home, and the price of the property doesn’t exceed $750,000, you receive from the government $7000 in First Home Owner Grant.

– If you buy a newly constructed home in Metropolitan Victoria you receive from the government:

  • $7000 in First Home Owner Grant provided that the price of the property doesn’t exceed $750,000
  • $13,000 in First Home Bonus provided that the price of the property doesn’t exceed $600,000

– If you buy a newly constructed home in Regional Victoria you receive from the government:

  • $7000 in First Home Owner Grant provided that the price of the property doesn’t exceed $750,000
  •  $13,000 in First Home Bonus provided that the price of the property doesn’t exceed $600,000
  • $6,500 in First Home Owner Regional Bonus provided that the price of the property doesn’t exceed $600,000

Significant portion of the app is taken by the disclaimer and terms of use saying that the app can only be used for estimation, and each person may have additional circumstances that can affect the final values.

To download this app for free click here or search in the app store on your iPhone for “SRO Mobile”.

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: