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Significant stamp duty cuts in 2024/25 Budget


Released 22/06/2024

Many more first home buyers in the ACT will save tens of thousands of dollars when purchasing their first home due to the extension of a range of stamp duty concessions and exemptions in the 2024/25 Territory Budget.

The Government is making major changes to the Home Buyer Concession Scheme, increasing eligibility to the full stamp duty concession on the first $1 million of property value.  This will save eligible Canberrans around $34,000 in tax when purchasing their home.

The Budget expands the scheme from 1 July 2024 to:

  • increase the income eligibility threshold to $250,000 a year for homebuyers who have not owned a property in the previous five years (up from $170,000 a year for homebuyers who have not owned a property in the previous two years)
  • enable homebuyers to earn an additional $4,600 per child and remain eligible (up from an additional $3,330 per child)

People fleeing family violence will be exempt from the requirement to have not owned a property in the previous five years.

The expansion of the Home Buyer Concession Scheme is among a range of new and expanded measures to further support Canberrans to find a home that suits their needs.

Helping more Canberrans to buy a new apartment or townhouse

The ACT Government is temporarily extending the stamp duty concession for off-the-plan unit purchases from 1 July 2024 to include properties valued up to $1 million in 2024-25, supporting more Canberrans to purchase an apartment or townhouse.

Currently, homebuyers do not have to pay stamp duty on off-the-plan unit-titled apartments and townhouses valued up to $800,000.

Supporting more housing options in our existing suburbs

In October 2023, the Government announced a new stamp duty exemption would apply to the first transfer of unit-titled dwellings on suburban residential (RZ1) blocks for purchases valued up to $800,000, from 27 November 2023 to 30 June 2026.

This coincided with the commencement of the new Territory Plan, which allows dual occupancy developments on large suburban residential blocks (over 800 square metres).

The 2024-25 Budget will temporarily extend the RZ1 Unit Duty Exemption Scheme to include properties valued up to $1 million in 2024-25, to align with the Off-The-Plan Unit Duty Exemption.

This will further support the development of more dual-occupancy homes in our existing suburbs, providing more opportunities for Canberrans to find a home, including people looking to downsize in the suburbs they’ve called home for many years.

More support for people with a disability

The Government is extending the existing Disability Duty Concession Scheme (available to eligible homebuyers with a disability) from 1 July 2024 to provide a full stamp duty concession on the first $1 million of property value, to further support people with a long-term or permanent disability.

As a result, a partial concession is now available for properties over $1 million. Previously, the scheme was limited to properties valued up to $1 million.

The Government is also introducing a new Severe Disability Duty Exemption from 1 July 2025 to support people with a severe disability and their carers to find a home.

This new exemption will exempt homes bought by people with severe disability or their carers from stamp duty if the home is their principal place of residence, without requiring the home to be bought by a Special Disability Trust.

Supporting more pensioners to downsize

The Government has also extended the Pensioner Duty Concession Scheme from 1 July2024 to provide a full stamp duty concession on the first $1 million of property value, supporting more pensioners to downsize. A partial concession will be available for properties over $1 million.

The existing scheme provides a full stamp duty concession for homes valued up to $550,000, with a decreasing concession to zero for homes valued between $550,000 and $765,000. 

These 2024-25 ACT Budget initiatives relate to the ACT Wellbeing Framework’s housing and home wellbeing domain.

For more information, visit the ACT Revenue Office website.

Quotes attributable to ACT Chief Minister and Treasurer Andrew Barr

“The new and expanded stamp duty concessions and exemptions outlined in this year’s ACT Budget will support more Canberrans to find a home that suits their needs, including first homebuyers, downsizers and people with a disability.

“We know stamp duty can be a significant barrier to home ownership. That’s why we have cut stamp duty in every ACT Budget since 2012, and this Budget continues that work.

- Statement ends -

Andrew Barr, MLA | Media Releases


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