Has Sydney gone crazy?! |

I'm creating a auction guide spreadsheet that automatically calculates bidding positions. Part of the spreadsheet is calculating the NSW stamp duty liability. Here it is.

It's based off the dutiable range guide available at the NSW Office of State Revenue. It assumes you're an Australian citizen, and aren't eligible for a first home owner's benefit. Like all good Excel formulas, there are some magic numbers:

**175.**This is 1.25% of $14,000, which is the maximum liability under the first dutiable range ($0 to $14,000).**415.**This is $175, plus 1.5% of $16,000. Why $16,000? The second dutiable range ($14,000 to $30,000) contains $16,000.**1290.**This is $175 (maximum liability under first dutiable range) plus $415 (maximum liability under second dutiable range) plus 1.75% of $50,000. Why $50,000? The third dutiable range ($30,000 to $80,000) contains $50,000.**8990.**This is $175 (maximum liability under first dutiable range) plus $415 (maximum liability under second dutiable range) plus $1290 (maximum liability under the third dutiable range) plus 3.5% of $220,000. Why $220,000? The fourth dutiable range ($300,000 to $1,000,000).**40490.**This is $175 (maximum liability under first dutiable range) plus $415 (maximum liability under second dutiable range) plus $1290 (maximum liability under the third dutiable range) plus $40490 (maximum liability under the fourth dutiable range) plus 0.045% of $700,000. Why $700,000? The fifth dutiable range is $300,000 to $1,000,000.**150490.**This is $175 (maximum liability under first dutiable range) plus $415 (maximum liability under second dutiable range) plus $1290 (maximum liability under the third dutiable range) plus $40490 (maximum liability under the fourth dutiable range) plus 5.5% of $2,000,000. Why $2,000,000? The sixth dutiable range is $1,000,000 to $3,000,000.

**0.0125**is 1.25%**0.015**is 1.5%**0.0175**is 1.75%**0.035**is 3.5%**0.045**is 4.5%**0.055**is 5.5%**0.07**is 7%.

For the sadists, I've produced a long form edition of the formula that doesn't have any magic numbers.

- In the long form,
**175**is expressed as**(0.0125*14000)** - In the long form,
**415**is expressed as**(0.0125*14000)+(0.015*(30000-14000))** - In the long form,
**1290**is expressed as**(0.0125*14000)+(0.015*(30000-14000))+(0.0175*(80000-30000))** - In the long form,
**8990**is expressed as**(0.0125*14000)+(0.015*(30000-14000))+(0.0175*(80000-30000)+(0.035*(300000-80000)))** - In the long form,
**40490**is expressed as**(0.0125*14000)+(0.015*(30000-14000))+(0.0175*(80000-30000)+(0.035*(300000-80000)+(0.045*(1000000-300000))))** - In the long form,
**150490**is expressed as**(0.0125*14000)+(0.015*(30000-14000))+(0.0175*(80000-30000)+(0.035*(300000-80000)+(0.045*(1000000-300000))))+(0.055*(3000000-1000000))**

Sounds obvious, but you should verify this before use unless you are in the habit of trusting internet strangers to write financial formulas that affect your life choices. If the property you're buying is in the 7% range, then you can probably afford an accountant to calculate these things for you.

Legend, thankyou

ReplyDeleteCould you do these formulas also per state per transfer fee?? I would cry of joy!

ReplyDelete