1. Stamp Duty for Sale of Property
Im referring to the IRAS website on Stamp Duty and youre suppose to pay this tax if:
2. The Formula
Quick Calculation Formaula: Stamp Duty = Sale Price x 3% - SGD5,400
However, if the price of the property falls below SGD360,000, this would be inaccurate. Remember we also have to round up to the nearest hundred dollar before calculating.
Example
Peter bought a walk up apartment at the price of SGD500,000.00, his stamp duty fees will be [(SGD500,000 x 3%) - $5400] = SGD9,600
The real formula would be,
1% of the first SGD180,000, 2% of the next SGD180,000 and 3% of the remaining amount balance.
Lets use the same formula for the above mentioned property Peter bought.
[3% of ( SGD500,000 - SGD180,000 - SGD180,000)] + (2% of SGD180,000) + 1% of (SGD180,000) = ( 3% of remaining SGD140,000 ) + (2% of SGD180,000) + (1% of SGD180,000) = SGD4,200 + SGD3,600 + SGD1,800 = SGD9,600
3. Person(s) Liable for Stamp Duty
Most of the time, the purchaser will be responsible for paying the stamp duty fees unless otherwise stated on the Sales & Purchase or Option to Purchase terms and conditions.
4. Timing of Payment of Stamp Duty
Please take note that upon execution of Sales and Purchase agreement in most cases, youll have to get your documents stamped within 14 days or within 30 days if you are overseas. Late stamping would be subjected to penalties for violating the Stamp Duties Act (Cap. 312)
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