Dear valued clients,
The NSW Government has extended stamp duty relief for eligible purchasers until 31 July 2021. Under the temporary changes the cap on the value of new homes at which stamp duty exemptions apply increased from $650,000 to $800,000, with concessional duty applied on higher values before phasing out at $1 million.
For vacant land purchases, the threshold for an exemption increased from $350,000 to $400,000 with concessional duty rates applying on purchases up to $500,000.
Since the stamp duty changes were first rolled out in August 2020, the number of stamp duty exemptions and concessions granted topped 21,436, compared to 14,967 in the same period in 2019.
According to NSW Treasury stamp duty adds about $34,000 to the upfront cost of buying the average NSW home.
If you have any queries or require any further information about how the above relates to your personal situation, please don’t hesitate to contact the office.
Prathana Harris (Mai) – CPA