Eligible home buyers provided a new stamp duty exemption…

A new stamp duty exemption was announced by the (now former) Treasurer, Michael Gunner, last week as part of the Budget. The exemption arises from the Bringing Land to Market review held in 2021.

From 1 July 2022, eligible home buyers who enter into a house and land package with, or purchase a speculative build home from, a registered building contractor can apply for a full exemption from the stamp duty payable on the transaction provided certain conditions are met.

Under this new exemption, a ‘house and land package’ is an agreement by which a building contractor agrees to sell land to a home buyer and build a new home on that land. A ‘speculative build home’ is a new home that is fully or partially built at the time the home buyer agrees to purchase it.

This exemption applies to agreements entered into between 1 July 2022 and 30 June 2027, provided the agreement does not replace an earlier agreement that was signed prior to 1 July 2022.

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