Looking to buy an off-the-plan unit or townhouse?

The ACT government has announced that stamp duty on off-the-plan unit purchases up to $500,000 is now NIL.

As part of the ACT government’s tax reform schedule, from 1 July 2021, all purchasers are eligible to this stamp duty exemption, provided that:

• The property being purchased is an off-the-plan unit (refers to unit-titled apartments or townhouses) valued at $500,000 or less.
• The contract must have been signed and exchanged on or after 1 July 2021.
• 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.

Eligible purchasers can look forward to saving $10,360.00 on stamp duty.

Did you buy before 1 July 2021? No sweat!

For contracts signed and exchanged between 4 June 2020 and 30 June 2021, this stamp duty concession will also apply to single residential dwelling (vacant) blocks and off-the-plan unit purchases valued at $500,000 or less.

For off-the-plan unit purchases between $500,000 to $750,000 during that period, buyers can also expect an $11,400.00 reduction on stamp duty.

Not buying vacant or off-the-plan property?

If you’re not looking to buy off-the-plan, stamp duty is reduced by $1,040.00 for purchases between $200,000.00 and $1.455 million for any owner-occupier property.

What else is new?

It is worth noting that a concession cap of $35,910.00 has now been introduced for the home buyer concession scheme. Contracts signed and exchanged from 1 July 2020, will receive the full concession if the purchase price is less than or equal to $1,000,000.00. Transactions valued above this will receive a partial concession.

How can we help you?

This push on stamp duty concessions in the ACT forms part of the government’s 20-year plan to extinguish transfer duty altogether.

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