3/9 Navigating Stamp Duty Concessions. Your Next Financial Move.

Welcome back to our ongoing series, “Understanding Your ADF Housing Entitlements.” We hope you’ve been finding our insights valuable as we navigate through the world of financial opportunities. Today, we’re excited to delve into a topic that’s both significant and often overlooked – Stamp Duty Concessions.

Demystifying Stamp Duty

Stamp duty, a state government tax, is levied upon property transactions on the day the title changes hands. The way it’s calculated depends on the nature of the property you’re purchasing. If you’re acquiring a house and land package, the stamp duty is applied to the land price – a smart way to keep costs in check. For existing homes or properties purchased off the plan, stamp duty is usually calculated as a percentage of the full purchase price.

Unlocking Savings: Stamp Duty Concessions

The exciting part comes with stamp duty concessions, an aspect that can significantly impact your financial landscape. These concessions vary from state to state and can offer substantial savings. Here’s a snapshot of the stamp duty concessions available in different states, along with the corresponding First Home Owners Grant (FHOG):

State FHOG Stamp Duty Concession

QLD $15,000 $15,925 (purchases under $550,000)

NSW $10,000 $22,207 (purchases under $650,000)

ACT $0 No cap if under the income threshold of $160,000.

VIC $10,000 $31,000 (purchases under $600,000)

TAS $30,000 50% concession on purchases under $400 000

NT $10,000 Nil on purchases after 30 June 2021

SA $15,000 Nil WA $10,000 $15,390 (purchases under $430,000)

Tomorrow’s Topic: Home Purchase Assistance Scheme

As our exploration continues, be sure to watch out for our next post, where we’ll guide you through the Home Purchase Assistance Scheme. This scheme holds valuable insights for strategically making your property purchase journey smoother.

Stay tuned to learn more, as we journey together through the realm of entitlements!

~Integrity Team

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Legal Disclaimer: This information ('the information') is presented for illustrative and educational purposes only. It is not presented nor should it be treated as real estate advice, legal advice, investment advice, or tax advice. All investments involve risk and potential loss of money. If you require advice in any of these fields you should contact a suitably qualified professional to assist and advise you. Your personal individual financial circumstances must be taken into account before you make any investment decision. We urge you to do this in conjunction with a suitably qualified professional. Daimien Patterson, IntegrityX Enterprises Pty Ltd, and their associated trading names, companies, researchers, authorised distributors and licensees, employees and speakers do not guarantee your past, present or future investment results whether based on this information or otherwise. Daimien Patterson, IntegrityX Enterprises Pty Ltd and their associated trading names, companies, researchers, authorised distributors and licensees, employees and speakers disclaim all liability for your purchase decisions. You should do your own independent due diligence and seek the advice of qualified advisors before making any investment decision.