Stamp Duty Relief for Eligible First Home Buyers Home ownership in Australia is our greatest aspiration, however in the last few years, it has become increasingly difficult for young South Australians to achieve. The 2023/2024 State Budget has abolished stamp duty for first home buyers that purchase a new home valued up to $650,000 or […]
Stamp Duty Relief for Eligible First Home Buyers
Home ownership in Australia is our greatest aspiration, however in the last few years, it has become increasingly difficult for young South Australians to achieve. The 2023/2024 State Budget has abolished stamp duty for first home buyers that purchase a new home valued up to $650,000 or vacant land valued up to $400,000 to build a new home.
The benefits of this initiative strive to give first home buyers a boost into the property market with up to $30,000 in stamp duty relief. It encourages the supply of new housing and will be supporting the building industry which has seen a decline in demand with higher interest rates.
Are You Eligible?
The eligibility criteria for the stamp duty relief is available for an Australian citizen, permanent resident or New Zealand citizen who permanently resides in Australia with a Special Category Visa. They must be at least 18 years of age and a natural person (not a company or trust). They must reside in the home as their principal place of residence for a continuous period of at least 6 months, within 12 months of settlement or construction completion date.
It is worth noting however if you have a spouse or domestic partner who previously owned residential land and occupied the home for a continuous period of 6 months or more, then you will not qualify for the relief. Your spouse or domestic partner must be included in the Application even if they will not hold a relevant interest in the home.
A new home is defined as a home that has not been previously occupied or sold as a place of residence and includes a substantially renovated home. A home can be a house, flat, unit, townhouse or apartment.
The eligible person should have entered into a contract to purchase on or after 15 June 2023 to receive the stamp duty relief. To apply for the relief your conveyancer or solicitor acting for you will download an Application for Stamp Duty Relief for Eligible First Home Buyers form from the RevenueSA website. They will also ask you for supporting documentation which includes Australian identification documents (eg passport, driver’s licence, Medicare card, marriage certificate) and proof of citizenship (eg passport or birth certificate). The Application and supporting documentation will then be lodged with RevenueSA along with the transfer document and a copy of your signed Contract.
For all conveyancing enquiries or property transactions, Adelta Legal provides high quality advice and supports our clients throughout the transaction. Please contact our office if we can assist you.
Tracy has over 20 years’ experience in conveyancing, having worked in legal and private conveyancing offices during that time. Following completion of the Advanced Diploma of Conveyancing in 2016 her dream of becoming a Registered Conveyancer was realised.
Property has always been her passion and providing a quality service to clients was an integral part of that vision.
Tracy is a member of the Australian Institute of Conveyancers (SA Division) Inc and has maintained the status of Certified Practising Conveyancer (CPC) by focussing on her continual professional development.
Tracy joined the Adelta Legal team in April 2019 and is enjoying the diversity that is offered from a wide range of clients. She focusses on professionalism, attention to detail and providing a first class quality service.
Areas of expertise include:
residential and commercial transactions
deceased estate and matrimonial settlements
preparing private Contracts and Form 1 Statements
There have been significant changes in the conveyancing industry in recent years with emphasis being on transition towards electronic conveyancing. Tracy has embraced these changes with enthusiasm and commitment and is well placed to undertake your electronic lodgements and settlements with minimal fuss. As from 3 August 2020, electronic conveyancing has been mandatory in South Australia and you can be guaranteed that your conveyancing transactions will be expertly managed.
Your conveyancing requirements will be dealt with in a professional and efficient manner to ensure your experience is as uncomplicated and stress free as possible.