The penalty if you are late by more than 2 months is normally 10 times the amount of stamp duty. So for example if your rental is $10k per month, 24 month contract, stamp duty is normally $600. So you would have to pay a penalty of $6000.
However, you can beg for a reduced penalty and depending on your circumstances may or may not be granted. If you are lucky enough to get away with this, the reduced penalty is as follows:
Reduced penalty = 14% x Stamp Duty Payable x No. of days delayed / 365 days
If I understand this formula correctly, then the reduced penalty in above example would be only a few hundred dollars rather than $6000. But you will need to write a letter and grovel.
Last edited by bdw; 25-04-2019 at 12:11 PM.