What’s New in Duty Rules For Off-The-Plan Properties?
The ACT Government’s ongoing project to abolish stamp duty has continued, with the increase of the threshold for duty on Off-The-Plan units and townhouses to $600,000.
This increase comes after the government first abolished stamp duty for Off-The-Plan properties introduced the duty threshold of $500,000 in 2021
This change in duty can help alleviate the impact of purchase costs for all buyers, but will be most welcome to first home buyers and downsizers alike. The conditions for receiving this stamp duty exemption are that:
- The property being purchased is an off-the-plan unit (refers to unit-titled apartments or townhouses) valued at $600,000 or less.
- The contract must have been signed and exchanged on or after 1 April 2022.
- One buyer will live in the home continuously for at least one year, starting within the 12-month period of the date of completion of the off-the-plan agreement.
This threshold change means that eligible buyers could now save up to $15,000, according to the Chief Minister.
Did you buy before 1 April 2022? No sweat!
You may still be eligible for stamp duty thresholds and concessions.
Check out the concessions for contracts signed and exchanged between 1 June 2021 and 31 March 2022 and 4 June 2020 and 30 June 2021 in our recent stamp duty update here.
How Can We Help You?
If you’re looking to purchase property off-the-plan, check your eligibility by checking out the ACT Government Self-Asseessment Tool, or get in touch with our team to discuss your upcoming purchase and what you’ll need to be ready.