Navigating Stamp Duty Across Australia: A State-by-State Overview

ACT Stamp Duty Guide: Exemptions and Concessions (2024)

Significant changes to stamp duty in the ACT have been introduced in the 2024-25 Budget, providing more opportunities for buyers to save. Below is an overview of the key updates and concessions available.

Recent Updates

As of the 2024-25 Budget, the following changes have been implemented:

Expansion of the Home Buyer Concession Scheme.
New concessions for people with disabilities.
Reduction of commercial property duty.

Home Buyer Concession Scheme

From 1 July 2024:

Full stamp duty concession on the first $1 million of property value.
Income eligibility threshold increased to $250,000 per year.
Applies to both new and established homes.

Eligibility:

At least one buyer must live in the home for at least 12 months.
Combined gross income must be below the threshold.
No property ownership within the last two years.

Off-the-Plan Unit Duty Exemption

Available for eligible home buyers intending to live in the property.
Applies to off-the-plan unit purchases.

Pensioner Duty Concession Scheme

Available for eligible pensioners.
Offers concession or deferral options.
Property must be used as the primary residence.

Disability Duty Concession Scheme

Full exemption for eligible individuals with disabilities.
Aims to encourage independent living.
Specific eligibility criteria apply.

New Severe Disability Duty Exemption

From July 2025:

Full exemption for people with severe disabilities.
Applies to the purchase of residential property.

Other Exemptions and Concessions

Deceased Estates: Transfers under a will are exempt from duty.
Matrimonial Transfers: No duty on property transfers following relationship breakdowns under court orders.
Spouse Transfers: Exemption for transfers between spouses for their principal place of residence.
Intergenerational Rural Transfers: Exemptions may apply for transfers of farmland within families.
Bankruptcy Transfers: Exemption for transfers due to bankruptcy or insolvency.

Commercial Property Duty

From 1 July 2024:

No duty on commercial properties valued at $1,900,000 or less.
5% flat rate for properties valued over $1,900,000.

Important Notes

Duty must be paid within 14 days after title registration, not at contract exchange.
Penalties may apply for late lodgement or payment.
Keep transaction records for at least five years.
Providing false or misleading information is a serious offence.

For more detailed information and to apply, visit the ACT Revenue Office website: https://www.revenue.act.gov.au.

NSW Stamp Duty Guide: First Home Buyers Assistance Scheme (2024)

Recent Changes: As of 1 July 2023, the NSW government has expanded the First Home Buyers Assistance Scheme (FHBAS) with the following key changes:

Increased exemption threshold for new and existing homes.
Extended concessional rate threshold.
Modified residence requirements.

Exemptions and Concessions:

For New and Existing Homes:

Full exemption: Properties valued up to $800,000 (increased from $650,000).
Concessional rates: Properties valued between $800,001 and $1,000,000 (increased from $650,001 – $800,000).

For Vacant Land:

Full exemption: Land valued up to $350,000 (unchanged).
Concessional rates: Land valued between $350,001 and $450,000 (unchanged).

Residence Requirements: For contracts exchanged on or after 1 July 2023:

Move into the home within 12 months of settlement.
Live in the property continuously for at least 12 months (increased from 6 months).

Savings Examples:

For an $800,000 property:
- Full exemption saves approximately $31,335 in stamp duty.
For a $900,000 property:
Concessional rate saves approximately $15,668 in stamp duty.
For a $350,000 vacant land purchase:
Full exemption saves approximately $11,240 in stamp duty.

Additional Notes:

First Home Buyer Choice (FHBC) scheme (Annual Land Tax Option): This scheme ended for contracts exchanged from 1 July 2023.
FHBC participants: Purchasers who opted into FHBC before 1 July 2023 will continue to pay property tax for as long as they own that property.
Ineligible Purchasers: First home buyers purchasing a home for $1 million or more are not eligible for transfer duty exemptions or concessions.

Get Expert Guidance: Contact Capital Connections Finance today to learn how we can help you navigate the NSW stamp duty landscape and achieve your property ownership goals.

For the most up-to-date information, visit the official NSW Revenue website: NSW Revenue.

South Australia Stamp Duty Guide: Exemptions and Concessions for First Home Buyers (2024)

With the recent changes introduced in the 2024-25 Budget, first home buyers in South Australia are set to benefit from significant savings on stamp duty. These updates make entering the property market more accessible for those purchasing new homes or vacant land to build on.

Full Stamp Duty Exemption for First Home Buyers

As of the new budget, first home buyers in South Australia can enjoy a full exemption from stamp duty when purchasing:

New homes
Off-the-plan apartments
House and land packages
Vacant land for building a new home

Key Highlights of the Exemption:

No property value cap (the previous limit of $650,000 has been removed).
Applies to new homes and vacant land purchases for construction.

First Home Owner Grant (FHOG)

In addition to the stamp duty exemption, first home buyers are still eligible for the First Home Owner Grant:

Grant amount: $15,000
Eligibility: For buyers purchasing or building a new home.

This grant can be combined with the stamp duty exemption, further reducing the upfront costs of buying your first home.

Eligibility Criteria for First Home Buyers

To qualify for both the stamp duty exemption and the First Home Owner Grant, applicants must meet the following criteria:

Must be an Australian citizen or permanent resident.
Be at least 18 years old.
Neither the applicant nor their spouse/partner can have previously owned property in Australia.
The property must be used as the principal place of residence for at least six months.

Residence Requirements

For new homes: You must move in within 12 months of settlement.
For vacant land: Construction must commence within 18 months, and the home must be occupied within 12 months of completion.

Other Exemptions and Concessions in South Australia

Transfer Between Spouses or Domestic Partners: A full exemption applies when transferring property between current or former spouses or domestic partners.
Family Farm Exemption: Available for property transfers of farmland or land used for primary production between family members.
Inherited Property: Stamp duty exemptions apply when acquiring property through a will or intestacy provisions.

Recent Updates from the 2024-25 Budget

Removal of the property value cap for first home buyers purchasing new homes.
Full stamp duty exemption extended to all new home purchases and vacant land for first home buyers.
Aimed at increasing housing supply by incentivizing new home purchases.

Important Notes

The new policy is effective from the 2024-25 Budget (exact start date to be confirmed).
First home buyer eligibility criteria still apply.
The exemption applies regardless of the property price.
These changes offer significant savings, particularly in Adelaide’s rising property market.

Savings Example

For a $600,000 new home:
- The full stamp duty exemption saves you $26,830.

Stay Informed

For the latest updates and more detailed information on stamp duty exemptions and concessions, visit the official RevenueSA website: RevenueSA – Stamp Duty Information.

Western Australia Stamp Duty Guide: Exemptions and Concessions (2024)

Significant updates have been introduced in the 2024-25 State Budget for first home buyers in Western Australia. Here’s a breakdown of the exemptions, concessions, and recent changes.

Stamp Duty Exemptions for First Home Buyers

Full Exemption:
- Applies to properties valued up to $450,000 (increased from $430,000).
- Buyers can save up to $15,390 in transfer duty.
Concession:

Available for properties valued between $450,001 and $600,000 (increased from $530,000).
The concession operates on a sliding scale, offering partial relief.
Vacant Land:

Full exemption for land valued up to $300,000.
Concessions available for land valued between $300,001 and $400,000.

Eligibility Criteria

To qualify for the first home buyer exemption or concession, you must:

Be at least 18 years old.
Be an Australian citizen or permanent resident.
Neither you nor your spouse can have previously owned property in Australia.
Occupy the home as your principal place of residence for at least six continuous months within 12 months of settlement.

Off-the-Plan Apartments

Upfront Concession:
- Applies to pre-construction contracts entered between 23 October 2019 and 30 June 2025.
- Also extends to under-construction contracts entered between 31 August 2023 and 30 June 2025.
- Available for new residential units or apartments purchased off-the-plan.
Rebate:

Available for contracts entered between 4 June 2020 and 31 December 2020.
Applicable for new units or apartments under construction but not yet completed at the time of signing.

Family Farm Exemption

Applies to transfers of farming property between family members.
The land must be used solely or dominantly for primary production.
May extend to the transfer of shares in family-owned companies that own farms.

Transfers Between Spouses or De Facto Partners

Exemptions are available for transfers of residential property between spouses or de facto partners.
This applies to transfers from a sole owner to both partners, or from both partners to a sole owner.
The property must be the principal place of residence.

Recent Updates

First Home Buyer Thresholds increased (effective from 9 May 2024).
Off-the-plan Concessions extended to under-construction apartments.
Legislation passed in August 2024 to enshrine first home buyer concessions.

Important Notes

The new first home buyer thresholds apply to agreements entered into from 9 May 2024.
Off-the-plan concessions aim to boost apartment construction and improve housing affordability.
Family farm exemptions have specific requirements tied to primary production use.
For the most up-to-date information, always check the official WA Department of Finance website.

Savings Examples

$450,000 property: Full exemption saves $15,390 in stamp duty.
$525,000 property: Concession saves approximately $10,260 in stamp duty.
$600,000 property: Concession saves approximately $5,130 in stamp duty.

For more details and to apply, visit the Western Australian Government’s website: Transfer Duty Information.

Victoria Stamp Duty Guide: First Home Buyer Concessions (2024)

Victoria offers significant savings for first home buyers through exemptions, concessions, and other initiatives, allowing you to reduce or eliminate stamp duty costs based on the value of the property.

Exemptions and Concessions for First Home Buyers

Full Stamp Duty Exemption
- Eligible Property Value: Up to $600,000
- Savings: Full exemption from stamp duty for homes valued at or below $600,000.
Concessional Stamp Duty Rate

Eligible Property Value: $600,001 – $750,000
Savings: A sliding scale concession on stamp duty for homes valued between $600,001 and $750,000. The closer the property is to $750,000, the lower the discount.

First Home Owner Grant (FHOG)

Grant Amount: $10,000
Eligibility: For new homes purchased or built valued up to $750,000.
Regional Victoria: If the home is located in a regional area and you are purchasing or building a new home, the grant amount increases to $20,000.

Principal Place of Residence (PPR) Concession

Eligible Property Value: Up to $550,000
If you’re buying a property that will be your primary residence, and the value is between $130,000 and $550,000, you may be eligible for a stamp duty concession, even if you’re not a first home buyer.

Off-the-Plan Concession

Eligible Property Type: Off-the-plan properties (e.g., new units, apartments, or townhouses).
You only pay stamp duty on the land component of the property, not the full purchase price, offering substantial savings.

Young Farmer’s Exemption/Concession

Eligible Property Value: Up to $600,000
Young farmers (under 35) purchasing their first farmland property may be eligible for a full stamp duty exemption for properties valued up to $600,000 and a concession for properties valued up to $750,000.

Residency Requirements

First home buyers must occupy the purchased home as their principal place of residence for at least 12 months within 12 months of settlement or construction completion to qualify for the exemption or concession.

Examples of Savings

For a $600,000 property:
- Full exemption from stamp duty.
- Potential savings: Approximately $31,000.
For a $700,000 property:

Partial concession.
Potential savings: Approximately $10,000 – $15,000 (depending on the specific value and concession scale).

Additional Notes

The concessions are applied based on the value of the property and your eligibility.
First Home Buyers can combine these benefits with the First Home Loan Deposit Scheme and other government incentives.

How Can We Help?

At Capital Connections Finance, we can guide you through the intricacies of Victoria’s stamp duty system, ensuring you take advantage of all available savings and grants. Whether you’re buying in Melbourne or a regional area, we’re here to simplify the process.

For more detailed information, visit the official Victoria State Revenue Office website: Victoria SRO

Queensland Stamp Duty Guide: Exemptions and Concessions (2024)

If you’re a home buyer in Queensland, understanding the available stamp duty exemptions and concessions can save you thousands. Below is an updated guide for 2024, highlighting key benefits, especially for first home buyers.

Stamp Duty Exemptions for First Home Buyers

Full Exemption:
- Available for first home buyers purchasing properties valued up to $500,000.
- This can save up to $8,750 in stamp duty.
Concession:

Applies to properties valued between $500,001 and $550,000.
The concession follows a sliding scale, offering partial relief based on the property’s value.
Vacant Land:

Full exemption for land valued up to $250,000.
Concessions are available for land valued between $250,001 and $400,000.

Eligibility Criteria for First Home Buyers

To qualify for the stamp duty exemption or concession, you must meet the following conditions:

Be at least 18 years old.
Be an Australian citizen or permanent resident.
Neither you nor your spouse can have previously owned property in Australia.
The home must be your principal place of residence for at least six continuous months within 12 months of settlement.

Home Concession

A stamp duty concession is available for all home buyers purchasing a property as their principal place of residence.

The concessional rate applies to the first $350,000 of the property’s value.
Standard transfer duty rates apply to any value above $350,000.

Recent Updates (Effective July 1, 2023)

The first home owner concession threshold on transfer duty has increased by $200,000, now applying to properties valued up to $750,000.
This change could save first home buyers up to $7,175 in stamp duty.

Other Exemptions and Concessions

Deceased Estates: Exemptions apply when property transfers occur to fulfill the terms of a will.
Matrimonial Exemptions: Property transfers following a marriage breakdown, under court orders, are exempt from duty.
Change of Tenure: Transfers between joint tenants and tenants in common are exempt, provided there’s no change in ownership value and it’s the primary residence.
Spousal Transfer: An exemption may apply when transferring ownership interest to a spouse as a gift for the primary residence.
Manufactured Homes: Exemptions apply to purchases of manufactured homes under a site agreement.

Foreign Buyers

A surcharge of 8% applies to foreign buyers purchasing residential land, including acquisitions made by foreign companies or trusts.

Important Notes

Concessions cannot be combined (e.g., you cannot claim both the first home concession and the home concession on the same purchase).
Always verify with the Queensland Revenue Office to ensure you’re using the latest information.

Savings Examples

$500,000 property: Full exemption saves $8,750 in stamp duty.
$525,000 property: Concession saves approximately $7,087 in stamp duty.
$550,000 property: Concession saves approximately $5,425 in stamp duty.

Stay Updated

For more detailed information on stamp duty exemptions and concessions, or to apply, visit the official Queensland Government website:
Transfer Duty Concessions and Exemptions.

Northern Territory Stamp Duty Guide: Exemptions and Concessions (2024)

As of 9 May 2023, stamp duty on transfers and other conveyances of non-land property has been abolished in the NT. This key change affects transactions not involving land, making it an important update for many buyers.

House and Land Package Exemption (HLPE)

Available for eligible buyers purchasing a house and land package in the NT.
Provides a stamp duty exemption for the house component of the package.

Territory Home Owner Discount (THOD)

Available for home buyers and builders.
Applies to contracts entered into before 30 June 2021.
Residence requirement: Must live in the property for at least six months.

Senior, Pensioner and Carer Concession

Available to applicants over 60 years of age or members of the NT Concession Scheme.
Applies to the purchase of property or land intended for building a home.

Other Exemptions and Concessions

Transfer between family members: Exemptions available for transferring family homes or farms between relatives.
Deceased estates: Transfers made to fulfill a will’s instructions are exempt from stamp duty.
Transfer between trustees: Exemption applies when property ownership changes due to the death or dissolution of a trustee or company.
First Home Buyers: As of 30 June 2021, there are no specific stamp duty concessions for first home buyers in NT.
Non-land property transfers: Abolished as of 9 May 2023.

Savings Example

$500,000 property: Full exemption saves $12,100 in stamp duty (assuming eligibility).

Important Notes

The abolition of stamp duty on non-land property transfers is a significant recent change.
First home buyers should note there are no specific concessions currently available for this group.
Always check the official NT Government website for the most up-to-date information and any new policy changes.

For more detailed information and to apply, visit the Northern Territory Government’s website: https://nt.gov.au.

New Stamp Duty Concessions in Tasmania for First Home Buyers

Tasmania has introduced major stamp duty concessions to assist first-time home buyers in entering the property market. These changes aim to boost housing affordability and stimulate the local real estate market.

Understanding Stamp Duty

Stamp duty is a significant tax on property purchases, often adding thousands to the cost of buying a home. By reducing this tax, the Tasmanian government is easing the financial burden for first-time buyers.

New Concessions and Their Thresholds

Effective from 18 February 2024, the following concessions are available:

Full Stamp Duty Exemption for Established Homes:
- Threshold: Up to $750,000
- Duration: Until 30 June 2026
- Eligibility: First home buyers
50% Stamp Duty Concession for New Apartments/Units:

Threshold: Up to $750,000
Duration: From 1 July 2024 to 30 June 2026
Eligibility: All buyers of new or under-construction apartments/units
50% Stamp Duty Concession for Pensioners Downsizing:

Threshold: Up to $600,000
Duration: Until 30 June 2025
Eligibility: Eligible pensioners moving to a lower-cost home

Savings Examples

First Home Buyer – Established Home:
- Property value: $500,000
- Standard stamp duty: $18,247
- With full exemption: $0
- Total savings: $18,247
Buyer – New Apartment:

Property value: $600,000
Standard stamp duty: $22,247
With 50% concession: $11,123.50
Total savings: $11,123.50
Pensioner Downsizing:

Property value: $450,000
Standard stamp duty: $15,997
With 50% concession: $7,998.50
Total savings: $7,998.50

Eligibility Criteria

First Home Buyers: Must purchase their first home, live in it for at least six months within the first year, and use it as their principal residence.
Pensioners Downsizing: Must be eligible pensioners moving to a lower-cost home.
New Apartments/Units: Must be purchasing new or under-construction apartments/units.

Important Notes

Retrospective Application: The full exemption for first home buyers applies retrospectively from 18 February 2024. Eligible buyers who purchased between this date and the official announcement can apply for a refund.
Time-Limited Offer: These concessions are time-limited, with specific end dates. Buyers should act within these timeframes to benefit.
Property Value Cap: Concessions only apply up to the specified property value thresholds. Any amount above these limits will be subject to standard stamp duty rates.
Principal Place of Residence: For first home buyers, the property must be used as the principal residence. Investment properties are not eligible.
One-Time Use: Typically, these concessions can only be used once per eligible buyer or couple.
Combination with Other Schemes: These concessions can be combined with other first home buyer incentives, such as the First Home Owner Grant, further reducing the cost of entering the market.

The new stamp duty concessions make home ownership more accessible for first-time buyers and other eligible groups in Tasmania. For more detailed information, visit the Tasmanian State Revenue Office website or consult a local real estate expert.

Read more about these changes at: