Quick guide to calculate the New Buyer Stamp Duty
| Purchase Price/Market Valuation | Formula for Quick Calculation |
| For property < $1,000,000 | 3% * Purchase Price/Market Valuation – $5,400 |
| For property > $1,000,000 but < $1,500,000 | 4% * Purchase Price/Market Valuation – $15,400 |
| For property > $1,500,000 but < $3,000,000 | 5% * Purchase Price/Market Valuation – $30,400 |
| For property > $3,000,000 | 6%* Purchase Price/Market Valuation – $60,400 |
How does this affect buyers?
For a $2,000,000 property, the increase in BSD payable would be from $64,600 to $69,600. Impact: $5,000
For a $3,000,000 property, the increase in BSD payable would be from $104,600 to $119,600. Impact: $15,000
Is this a cooling measure?
Considering the quantum of the properties involved, the increment in BSD payable is rather marginal.
We do not see this as a move to cool property prices down; it is likely to be the government’s way of moving property taxes towards a more progressive structure instead.
According to Lawrence Wong, “Everyone contributes something, but those who are better off contribute more.”
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