Land Transfer Stamp Duty Concession

Amendments commencing 1 July 2017

  1. Buying off The Plan Concession

Under the concession the cost of any construction or refurbishment which occurs after the contract date is deducted from the contract price (dutiable value) and stamp duty paid on that reduced amount.

This concession will continue to only apply to purchasers who intend to live in the property when completed, in the case of first home buyers if the dutiable value is under $750,000 and in the case of non-first home buyers if the dutiable value is under $550,000.

  1. First Home Buyers

First home buyers purchasing property where the dutiable value is below $600,000 will not pay stamp duty and if between $600,000 – $750,000 will receive a concession applied on a sliding scale.

The purchaser must be an Australian citizen or permanent resident and must use the property as a principal place of residence for a continuous period of 1 year commencing within one year of the settlement date and it is in addition to the first home owners grant. Stamp duty previously payable by a first home owner on a $600,000 dutiable value would have been $15,535.

  1. Transfers between Married Couples and Domestic Partners

Previously any transfer of land between couples was exempt but now the exemption will only apply to a transfer relating to a property which is the couple’s principle place of residence.

Therefore if ownership of an investment property is to be changed, for instance for asset protection reasons, duty will be payable on the dutiable value of the interest being transferred. The family farm exemptions whereby there is no stamp duty paid on transfers of farm land between certain family relations will continue to be available and will not be affected by this amendment.