Are You Exempt From Stamp Duty?

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The NSW Government has recently proposed changes to the current stamp duty legislation which will commence from 1st July 2023.

Now being referred to as ‘Transfer Duty’, but what many of us know as ‘Stamp Duty’; First Home Buyer Assistance Scheme will increase the exemption amount from $650,000 to $800,000.

What does this mean for you? If you are an eligible first home buyer and pay up to $800,000 for your first property, you will not be required to pay any stamp duty.

If you pay between $800,000 and $1,000,000 for your first property, you will receive a concession and only be required to pay a portion of Transfer Duty.

For more information regarding these proposed changes, visit the NSW Government website or follow the link below.

https://www.nsw.gov.au/media-releases/tax-concessions-for-first-home-buyers#:~:text=The%20NSW%20Government%20will%20introduce,from%20Saturday%201%20July%202023.

* Note: Prospective buyers are to do their own research and not solely rely on this article information.