Many first home buyers in the ACT are not aware of the new Stamp Duty changes that came into effect on 1 July 2019.
Prior to 1 July 2019, first home buyers were only eligible for the Stamp Duty concessions if the property had never been lived in previously and if the purchase price was below the threshold of $607,000.00.
As of 1 July 2019, first home buyers are now eligible for this concession when purchasing any property, at any price, including established homes.
To be eligible for this concession the following requirements must be met:
• All applications must be at least 18 years of age
• All applicants must not have owned property in the last 2 years
• The purchased property must be occupied by at least 1 buyer within the first 12 months for at least 1 full year
• Applicants must not earn above the annual income threshold of $160,000 per household
To find out if you may be eligible for a Stamp Duty Concession, please visit the ACT Revenue Website here.
If you are not eligible for the a Stamp Duty Concession, the following Stamp Duty calculations apply for transactions after the 1st July 2019:
|Value of Non-Commercial Property||Duty Payable|
|up to $200,000||$20 or $1.20 per $100 or part thereof, whichever is greater|
|$200,001 to $300,000||$2,400 plus $2.20 per $100 or part thereof by which the value exceeds $200,000|
|$300,001 to $500,000||$4,600 plus $3.40 per $100 or part thereof by which the value exceeds $300,000|
|$500,001 to $750,000||$11,400 plus $4.32 per $100 or part thereof by which the value exceeds $500,000|
|$750,001 to $1,000,000||$22,200 plus $5.90 per $100 or part thereof by which the value exceeds $750,000|
|$1,000,001 to $1,455,000||$36,950 plus $6.40 per $100 or part thereof by which the value exceeds $1,000,000|
|More than $1,455,000||A flat rate of $4.54 per $100 applied to the total transaction value|