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Stamp Duty Concessions

 

What is the stamp duty concession?

The ACT Government is offering stamp duty concessions for new homeowners planning to live in their new property. The following concessions will apply to contracts exchanged between 4 June 2020 and 30 June 2021:

  • No stamp duty on single residential dwelling blocks
  • No stamp duty on off-the-plan unit (unit-titled apartment and townhouses) purchases up to $500,000
  • An $11,400 stamp duty reduction for off-the-plan unit (unit-titled apartment and townhouses) purchases between $500,000 and $750,000

Who qualifies for the concessions?

You don’t have to be a first home buyer or builder to benefit from these concessions, it applies to all new land sales and off the plan apartment and townhouse purchases.

To be eligible for the stamp duty concession you must sign and exchange on your contract and live in your home for at least one year, starting within 12 months of settlement or completion of construction.

The concession relating to ‘single residential dwelling blocks’ means the land must be vacant when you purchase it, and the land title must only allow one residence/house to be built on the land. Concessions relating to off the plan ‘units’ refer only to unit-titled apartments or townhouses.

If you’re a first home buyer or looking to build a house, these concessions could save you thousands of dollars.

So how does it all work?

The concession will be in place for any purchase (i.e. contracts exchanged) in the ACT from 4 June 2020 until 30 June 2021, and only applies for owner-occupiers.  Contracts exchanged outside of this period are not eligible for the concession.

Here’s an example: say you are looking to purchase a new single residential block in Taylor for $430,000. Under the new concessions, the ACT Government will waive the stamp duty on the cost of the land, meaning you will save $9,020. Or, if you are an owner occupier and you purchase an off-the-plan apartment/townhouse valued under $500,000, the ACT Government will waive the stamp duty. If it is valued between $500,000 and $750,000, you can save up to $11,400 on the stamp duty.

What about the Federal Government HomeBuilder Grant?

In addition to the stamp duty concessions, the Federal Government has announced a HomeBuilder Grant.

The Federal Government’s HomeBuilder grant provides eligible owner-occupiers (including first home buyers) a grant of $25,000 to build a new home or substantially renovate an existing home.

The ACT Government is working with the Federal Government to implement this program in the ACT, more information will be available soon.

In the meantime, visit the Federal Government’s Treasury website for more information: 

Where can I find out more?

More information about the stamp duty concessions is available on the ACT Revenue Office website.  

More information about other support for families and households is available on the ACT Government’s COVID-19 website

Who can I call to give feedback about the stamp duty concession?

The ACT Revenue Office hotline for all stamp duty concessions queries is 02 6207 0028.

 

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