| - | Nature of Stamp Duty | |
| - | Rates | |
| - | How is Stamp Duty Collected | |
| - | Dutiable Instruments | |
| - | Duty by Adhesive Stamps | |
| - | Duty by Returns Scheme | |
| - | Stamp Duty on Motor Vehicles | |
| - | What happens to the duty |
Stamp duty is a general revenue Northern Territory tax imposed on various types of instruments and certain business transactions.
An instrument is a written document, which is of the type charged with stamp duty under the stamp duty laws.
Stamp duty is imposed by rates listed in Schedule 1 to the Stamp Duty Act with exemptions being provided in Schedule 2.
For full details of the rates imposed by the Stamp Duty Act, refer to the Stamp Duty Rates page.
Stamp duty is collected in a number of ways depending upon the nature of the instrument or transaction, as the case may be.
Instruments which are charged at a rate of duty, often referred to as "ad valorem duty", (transfers of land or businesses, leases of property or the transfer of shares in a company) must be lodged with the Commissioner for assessment of the duty. Duty paid on these instruments is denoted on the front page of the instrument by an imprint made by a special machine. Under certain circumstances a solicitor or conveyancer who is approved by the Commissioner may self assess and stamp conveyance and lease documents under the Conveyance By Return Scheme.
For more details on the conveyance by return scheme refer to the Conveyance By Return Scheme.
Instruments with a ‘fixed’ duty (mining agreements, certain deeds, a guarantee or power of attorney) may be stamped by any person who signs them with an adhesive NT stamp duty stamp, which are available from the Commissioner of Taxes Office.
Certain types of Territory and external business operators are required to pay stamp duty on their Territory operations. The operator of the business is required to apply to the Commissioner to be registered and to pay duty by returns each month. The duty is self assessed and payment is sent with the return form showing details of the amounts on which the duty was calculated. The types of businesses that pay this duty include:
| - | Electronic debits duty - paid by banks etc on electronic withdrawals from a bank account; | |
| - | General and Life Insurance - paid by insurance companies on policies issued; | |
| - | Share Broker Dealings - paid by stockbrokers on the buying and selling of securities; | |
| - | Hiring Arrangements - paid by hiring firms on the rent collected from the hiring and leasing on goods; | |
| - | Tourism Marketing Duty - abolished from 1 July 2000, paid by accommodation businesses on amounts received for accommodation. (TMD is paid into a trust fund and used to promote tourism in the NT); | |
| - | Conveyance by Return - paid by authorised solicitors and conveyancers who are approved to assess and stamp conveyance and lease documents and collect the duty on the behalf of the Commissioner. |
Notes:
Tourism marketing duty will cease from 1 July 2000 as part of the introduction of the Commonwealth's 'A New Tax System' initiative. More information on the initiative is provided on the Key Measures in the 00/01 NT Budget page.
Stamp duty on the registration of motor vehicles is collected by the Motor Vehicle Registry at the time of registering a new vehicle or a transfer of registration of a used one.
The revenue from these duties and taxes (except TMD) is paid into the Consolidated Fund of the Territory.