ACT Government to reduce stamp duty on select new property purchases

Australian Capital Territory (ACT) Chief Minister Andrew Barr says his Government will reduce stamp duty for eventual owner-occupiers on the purchase of some new land and residential properties.

Stamp duty for owner-occupiers on the purchase of new land single residential blocks and off-the-plan apartments and townhouses up to $500,000 to $0.

Off-the-plan apartment and townhouse purchases between $500,000 and $750,000 will have stamp duty reduced by $11,400.

This stamp duty concession will be in place for any purchase (i.e. contracts exchanged) in the ACT from 4 June 2020 until 30 June 2021.

More information is available on the ACT Government’s website.

Source: www.kpmg.com.au

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