The NSW Government recently announced that the threshold above which transfer (stamp) duty is charged on new homes for first home buyers will increase from the current $650,000 to $800,000, with the concession reducing before phasing out at $1 million.
The transfer (stamp) duty threshold on vacant land will also rise from $350,000 to $400,000 and will phase out at $500,000.
The new transfer (stamp) duty threshold will be in place for 12 months and will apply to contracts executed from 1 August 2020 to 31 July 2021.
For existing homes, the exemption and concession thresholds remain the same.
Thresholds are in the picture above