Off-the-plan stamp duty concession threshold lifted to $800,000 in boost for home buyers.

More Canberrans buying properties off the plan will no longer have to pay stamp duty on their purchase, with the ACT Government lifting the current $700,000 threshold by a further $100,000.

Properties valued up to $800,000 bought off-the-plan by owner-occupiers will now be eligible for the stamp duty concession.

The government says this will apply to contracts signed and exchanged on or after 27 November 2023 for off-the-plan apartments or townhouses.

Chief Minister Andrew Barr said this would mean a saving of $22,704 on the purchase of an $800,000 property.

“Previously, the concession – for contracts signed and exchanged from 1 July 2023 – applied to properties valued up to $700,000,” Mr Barr said.

“This expands an important tax initiative that encourages housing supply in Canberra.”

Mr Barr said stamp duty could be a significant barrier to home ownership.

“Further increasing the concession threshold for off-the-plan unit purchases will support more prospective homebuyers, including downsizers, to purchase an apartment or townhouse in Canberra,” he said.

Mr Barr said the change further accelerates the Territory’s 20-year tax reform program, which began in 2012.

https://the-riotact.com/off-the-plan-stamp-duty-concession-threshold-lifted-to-800000-in-boost-for-home-buyers/719834

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