Off-The-Plan Concession
Different from purchasing an existing residential property, buying Off-The-Plan means you are buying a property before any building works have started or finished.
Our licensed conveyancer will be able to advise you on the off-the-plan duty concession.
Existing Off-The-Plan Concession
Depending on the date of contract, purchasers who entered into the following contracts may be eligible* for
House and Land packages
Lots in vertical developments (such as residential towers)
Lots in horizontal developments (such as low-rise apartments and unit complexes)
Refurbished lots.
Requirement to be eligible for either:
The principal place of residence duty concession or
The first home buyer duty exemption or concession
Usually stamp duty is calculated on contract price (or market value).
When the off-the-plan concession applies, the dutiable value is the contract price minus the construction or refurbishment costs incurred on or after the contract date. It could lower the dutiable value, which in turn lowers the stamp duty payable.
Temporary Off-The-Plan Concession
From 21 October 2024 a NEW Temporary off-the-plan concession is available to all purchasers, including investors, companies and trusts.
NO requirement to be eligible for either:
The principal place of residence duty concession or
The first home buyer duty exemption or concession
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