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First Home Buyer Duty Concession

Until 16 June 2011 first home buyers were eligible for a rebate of up to $4,000.00 on the duty payable on their purchase. This was in addition to the First Home Owners Grant. This concession ceased to be available from the announcement in the State budget on 16 June 2011. There is now no duty concession available.

Multiple Purchases

If a person or associated persons buy more than one property in a series of transactions within a 12 month period, these purchases may be grouped together for the purpose of calculating the duty payable. The addition of the purchase price leads to duty being calculated at a higher rate.

Exemption from Duty on Transfer to Married Couples

A transfer of the principal residence from one party to a marriage or significant relationship to both parties to be held jointly or as tenants in common is exempt from duty.

Land Tax

In the State Budget 2011-12 the following changes were made to land tax:

Closing off the ‘shack land’ concession. This concession closed on 30 June 2011 and is no longer available. Shack land has been reclassified as ‘general’ land. Therefore, land tax is payable on all shack land from 1 July 2011 onwards.

Removal of the pensioners exemption to land tax on ‘general’ land. The exemption from land tax on ‘general’ land owned by pensioners is no longer available. This means that pensioners must pay land tax on any ‘general’ land they own. A principal residence remains exempt.