On 27 July 2020 the NSW Government announced major stamp duty concessions that will help thousands of first home buyers and boost jobs in the construction industry.
Under the changes, which take effect from 1 August 2020 and will last for 12 months:
- The threshold on vacant land purchases will increase from $350,000 to $400,000, phasing out at $500,000.
- The threshold for purchases of newly built homes will rise from $650,000 to $800,000, phasing out at $1 million.
Indicative tax threshold changes:
The duty concessions are on top of the existing $10,000 First Home Owner Grant, details of which can be found here.
Further details of the new concessions can be found here.
Contact your HLB adviser should you wish to learn more.