Stamp Duty Relief Information
Stamp duty will be abolished for thousands of eligible first home buyers building or buying a new home!
The state government has made some welcoming changes that results in the stamp duty fee being abolished.
The full abolition of the stamp duty will apply to new homes valued up to $650,000, with relief progressively phasing out for properties valued up to $700,000.
At the time of settlement (when the land you have purchased transfers to your name), you are required to pay stamp duty on the transfer of land. The amount of stamp duty you need to pay is based on the value of the land purchased and any improvements made on that land.
If you are a first home buyer and eligible for the stamp duty first home buyer relief, the relief may:
- reduce your stamp duty to zero if the value of your new home is below $650,000 (or $400,000 for vacant land); or
- partially reduce your stamp duty if the value of your new home is below $700,000 (or $450,000 for vacant land).
Stamp duty relief for eligible first home buyers applies to contracts entered on or after 15 June 2023.
This measure is estimated to assist around 3,800 first home buyers each year.
Who is eligible for the stamp duty relief?
- Australian citizen or permanent resident. *New Zealand citizens permanently residing in Australia who hold Special Category Visas may also apply. *Only one applicant must meet this eligibility.
- At least 18 years of age at the time of application.
PLEASE NOTE* companies and trusts are not eligible for stamp duty relief, except in the case of legal disability.
Who is NOT eligible for stamp duty relief?
You or your spouse/domestic partner must not have:
- Occupied an Australian residential property in which you had a relevant interest on or after 1 July 2000 for 6 months or longer.
- Previously received a stamp duty relief for eligible first home buyers (or equivalent) in any state or territory of Australia. *If relief was received but then later paid back, you may entitled to reapply for relief.
At least one applicant must reside in the home as their principal place of residence for a continuous period of at least 6 months commencing within 12 months of date of settlement for contracts to purchase, or the date construction is completed for owner builders or contracts to build.
What type of property is eligible for a stamp duty relief?
- A new home (including house, flat, unit, townhouse or apartment)
- An off-the-plan apartment
- A house and land package (contract to build - comprehensive building contract)
- Vacant land to build your new home on
This must be in South Australia and will be your principal place of residence.
For more information:
Please go to the Revenue SA website - www.revenuesa.sa.gov.au
You can also talk to Adam Hurle any time and he'll be happy to provide more information.
With you on the big decisions!
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