Real Estate Alert: Stamp duty cuts in the ACT

Off-the-plan dwellings and new land single residential blocks purchased in the ACT will now attract significantly reduced stamp duty fees.  Announced by the ACT Government on 4 June 2020, the scheme is part of Canberra’s Recovery Plan intended to help revitalise and stimulate the property and construction industry.

For eligible purchases up to $500,000, stamp duty liability will be waived completely. For those buyers purchasing off-the plan where the purchase price is between $500,000 and $750,000, stamp duty liability will be reduced by $11,400.

Contracts for Sale must exchange between 4 June 2020 and 30 June 2021 to be eligible for reductions.

For assistance with conveyancing, contact the Real Estate team at BAL Lawyers.