A lease, or agreement for a lease, or any written document for the tenancy or occupancy of land or a tenement entered into on or after 1 July 2004 is exempt from stamp duty. The document is not required to be stamped.
Leases are also exempt where the term of the lease commences from 1 January 2002 and the average annual rental, the annual rental or the current market rent does not exceed $50,000 per annum.
Rate of Stamp Duty
Duty is payable at the rate of $1.00 per $100 or fractional part of $100 on the basis of the average annual rental, or on the annual rental (inclusive of any GST component), provided that the consideration for the property in any case, is not less that the current market rent for the property.
A lease with the term commencing prior to 1 January 2002 is subject to stamp duty.
A lease is subject to stamp duty where the term of the lease commences on or after 1 January 2002, and entered into prior 1 July 2004, and the average annual rental exceeds $50,000 per annum.
Further information is available in the following Circulars:
This page was last reviewed 14 April, 2011