Stamp Duty Exemptions

Aside from the First Home Buyer exemptions and grants, there are many other exemptions or reductions in stamp duty that may apply to you. When considering purchasing a property  or transferring a property you should research to see whether any of the exemptions or concessions apply to you. Some of the available exemptions are as follows;

  1. Transfers to married couples and de facto partners
    If you are transferring to your married partner or de facto partner and the property is your principal place of residence, no duty is chargeable in the transfer of residential land if as a result of the transfer the property will be held as a married couple as tenants in common in equal shares or joint tenants.
  2. Transfers as a result of a breakdown of marriage, de facto relationship or domestic relationship
    UnderSection 68 of the Duties Act, the transfer of matrimonial or relationship property is exempt from stamp duty if the marriage or de facto relationship or domestic relationship has broken down.
  3. Extension of date for payment of duty for off-the-plan residential purchases
    Under Section 49A of the Duties Act, an extension to the date stamp duty is payable is granted for off-the-plan residential purchases. The date stamp duty must be paid on eligible off-the-plan transactions is whichever the earliest of:
    • completion of the agreement
    • the date the purchaser assigns whole or part of its interest under the agreement
    • the date 12 months from the date of the agreement
  4. Transfer of Land used for Primary Production between family members
    Under Section 274 of the Duties Act if the property is being transferred to a family member where primary production in relation to a business is to be continued, and provided the necessary paperwork can be evidenced, the stamp duty exemption will apply.

There are many other exemptions available in relation to Mortgage Duty when refinancing a loan and Land Tax exemptions for Deceased Estates.

For more information on any exemptions or reductions in duty that may apply to you, give us a call on 02 4655 4224 or go to the Office of State Revenue website http://www.osr.nsw.gov.au/search/site/stamp%20duty%20exemptions.

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