FIRST HOME BUYER STAMP DUTY CONCESSIONS UPDATE

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

2020-09-04T09:04:47+10:00September 4th, 2020|eConveyancing|

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