Property above $1m will charge additional 1% stamp duty. Likely 1 and 2 bedders will be popular since most r priced below $1m.
For property value $1M or lesser
P.P X 3% - $5,400
For property value more than $1M
P.P X 4% - $15,400
Before $1,000,000 BSD = 3%-$5400=$24,600.
Now $1,000,000 BSD=4%-15,400=$24,600.
Next $100,000=4%-15,400=28,600.
For every $100,000 only add $1000. ?????? why buy below $1M.
It's easier to read this:
Now $1,000,000 BSD=3%-5,400=$24,600 (because only amounts above 1 million get 4%).
Next $100,000 = $24,600 + (4% of 100,000) = 28,600. versus the old scheme of $27,600.
The difference is very mild until the price goes into multi-millions. But if someone can pay multi-million for a property (e.g. 10 million), they probably should pay more (say $90,000 more).
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
Ic
First $180,000 1% $1,800.00
Next $180,000 2% $3,600.00
First $360,000 $5,400.00
Next $640,000 3% $19,200.00
First $1,000,000 3% $30,000.00
First $1,000,000 $30,000-$5400 $24,600.00
Remaining Amount $1,100,000.00
$1,000,000.00 $24,600.00
$100,000.00 4% $4,000.00
$28,600.00
Remaining Amount 1000000 4% $40,000.00
$(15,400.00) $24,600.00
Old First $1,000,000 3%-%5400 = $30,000-$5,400.
New First $1,000,000 4%-15,400= $40,000-15,400.
Last edited by Arcachon; 20-02-18 at 05:37.
the effect is minimal on mass market and also negligible on multi million properties. however, it was reported in the news that a housewife quickly bought the last new futura 4 bedder at 7.7m to save 67k last night.