Stamp Duty Concessions still available
It has come to our attention that many of our buyers are unaware that stamp duty concessions are still available. Below is a brief outline of what concessions are still available for off the plan purchasers.
You need to know the following:
- The date of the contract for your purchase of the property or if there is no contract, the date it is transferred,
- The dutiable value of the property (generally, the purchase price or market value at time of contract, whichever is greater),
- Whether you are a foreign purchaser, and if so, whether your property is a residential property and
- If you will use the property as your principle place of purchase, and if so, whether you are a first home buyer.
This calculator factors in the following, if they apply:
- Foreign purchaser additional duty
- The principal place of residence concession or
- The first home buyer duty reduction, excemption or concession
This calculator does not include the off the plan consession. If you buy your property off-the-plan, you must contact your vendor to get the dutiable value of your property including this concession.
For contracts dated on or after 1 July 2017, the off-the-plan concession is available if you buy the property to occupy as your home (principal place of residence) and its dutiable value, including the off-the-plan concession is:
- $550,000 or less, or
- $750,000 or less, if you are first home buyer.
Otherwise, the dutiable value of your property is your contract price or market value, whichever is greater.