From 4 June 2020, the ACT Government is waiving stamp duty for buyers of new land and off the plan units. The waiver will apply to contracts exchanged between 4 June 2020 and 30 June 2021.

Vacant Land

Eligible buyers will not have to pay any stamp duty on single residential dwelling blocks which are vacant.

Off the plan units

In relation to off the plan units, eligible buyers will not have to pay duty for purchases up to $500,000. For purchases between $500,000 and $750,000, a $11,400 stamp duty reduction will apply.

Eligibility requirements

To be eligible, at least one buyer must live in the home continuously for at least one year, starting within 12 months of settlement or completion of construction.

It remains to be seen how this will be legislated. We suspect this will be done by way of a disallowable instrument. We will provide an update on this website when more information becomes available.

 

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