No stamp duty on apartments for 12 months

The Government recently announced a 12-month exemption on stamp duty for those purchasing a new build for apartments and townhouses.

The 12-month period will apply for purchases made from 21 October 2024 to 21 October 2025 and this offer will only be available to off-the-plan purchases.

Eligibility

In order to qualify, the property must belong to a strata subdivision that has a common/shared property like a shared driveway. House and land packages will not be included.

How to claim the concession

The stamp duty savings will be made by allowing purchasers to deduct their construction costs from the value of the property. Once this amount has been deducted, the remaining stamp duty will be calculated on the reduced amount.

Your conveyancer can apply for the concession on your behalf when negotiating the transfer of land.

More information can be found on the SRO website.

Published 05/12/24