Stamp Duty, Banks and the Old Responsibility Hot Potato

Posted on October 17, 2008 by | 0 Comments

Shannyn Hunter - Conveyancerby Shannyn Hunter
Lawyers Conveyancing 

Since the State Revenue Office (SRO) made changes to the stamp duty payable on property purchases earlier this year, many clients have contacted us with questions about how much stamp duty they will pay, where to get the form for a concession and where to send it.

Previously, when clients asked for help they were directed to their bank (if they were getting a loan), because their bank calculates the stamp duty to be paid at settlement and therefore the logic followed that they should be able to help clients with stamp duty questions.

But also since the SRO changes, a lot of bankers and brokers have refused to help, saying that it was the conveyancer’s responsibility to assist clients with their stamp duty. It seemed to be the familiar story; in an industry of increasing profits and decreasing responsibility, the banks were shifting work onto conveyancers.

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