Thursday, 27 February 2020
Amendments to the Home Buyer Concession Scheme
Amendments to the Home Buyer Concession Scheme (HBCS) have seen all properties in the ACT become eligible for the HBCS for real property purchase transactions occurring after 1 July 2019. Unlike the previous concession scheme, it presently applies to vacant residential land and both new and established homes, anywhere in the ACT and at any price.
There are also now limited circumstances which provide a transfer duty exemption to a spouse/party on the purchase of their next principal place of residence if they did not retain the former family home following a property settlement that was formalised by Court Orders or an Agreement made under the Family Law Act 1975 or the Domestic Relationships Act 1994.
It is important that lawyers who practise family law in the ACT familiarise themselves with the current HBCS eligibility requirements and exemptions. To find our more details about the eligibility requirements for the HBCS and determine whether or not your client will have to pay duty, visit the ACT Revenue Office information page.