Act Revenue Home Buyer Concession

Owner occupier duty concession.

Act revenue home buyer concession. If you are eligible for conveyance duty assistance you can claim the concession on the buyer verification declaration before you lodge for registration at access canberra in dickson. Under the home buyers concession scheme home buyers in the act will not pay stamp duty on a home purchase subject to the following eligibility criteria. First home owner grant home buyer concession scheme owner occupier duty concession land rent scheme deferred duty pensioner duty assistance disability duty concession scheme special disability trust duty exemption previous page. Home buyer concession scheme.

The total gross income before tax including the partners if any must not be greater than the income threshold. Below is a complete list of concession exemption and duty deferral codes together with details of supporting documentation to be kept for a period of 5 years after settlement in. These orders or agreements must be made before the transaction date. No stamp duty on single residential dwelling blocks.

Codes and supporting documents. The act government is offering stamp duty concessions in the act for some home buyers planning to live in their new property. From 1 july 2019 more home buyers in the act will pay no duty and they will have more freedom to buy the first home that s right for them. Exceptions include court orders and agreements made under the family law act 1975 and the domestic relationships act 1994.

The following concessions will apply to contracts exchanged between 4 june 2020 and 30 june 2021. Unlike the previous concession scheme it presently applies to vacant residential land and both new and established homes anywhere in the act and at any price. However the good news is that as a first home buyer with a household annual income of less than 160 000 providing you satisfy eligibility criteria you will not be required to pay any stamp duty or conveyance duty as it s referred to by the act. The scheme is administered by the act revenue office.

Home buyer concessions from 1 july 2019. This requirement also applies to the partner of a buyer even if the partner will not be an owner of this home. To pay no duty on your home purchase. Amendments to the home buyer concession scheme hbcs have seen all properties in the act become eligible for the hbcs for real property purchase transactions occurring after 1 july 2019.

The act government has a concession scheme to help people buy a home or residential land. All buyers of the home or land must be at least 18 years old. All buyers must be 18 years of age or above.