I am leaving my house to my children in my will. When I die, will they have to pay stamp duty on their inheritance? If so, how would government work out what that is?
Auntie’s answer: Finally, I am able to tell someone that the government will not take a fee for something. Yes, that’s what I said. If the property is willed to a family member, there is no stamp duty assessed.
Or if you want the more official version offered by Lands and Survey on the section of its website dealing with stamp duty rates: “No stamp duty is payable on transactions that are effected as a result of the death of a proprietor of a land, where the land is being inherited either directly, or otherwise dealt with by way of the administrator of the estate.”
One other point: the Lands and Survey website also says that if you choose to give away the property while you are still alive, the stamp duty will be a fixed $50. This is assessed when the transaction is considered to be “for natural love and affection between parent and child, husband and wife, brothers and sisters, grandparents and grandchildren”.
In addition, according to the department, “Property may pass between extended family members in a single transaction providing that evidence of the relationship chain can be shown and the parties are living. The stamp duty fee shall apply separately to each ‘link’ in the relationship chain.”