ALG - Access Law Group
  • Home
  • Business Profile
    • Our Vision & Approach
    • Our History
    • Our Team
    • Testimonials
    • Achievements & Awards
    • Community
    • Tom Ellicott
    • James Welch
  • Legal Expertise
    • Corporate & Business Law
      • Business Documentation Overview
      • Structure, Agreements & Advice
      • Shareholder, Unitholder, Partnership & Joint Venture Agreements
      • Guarantor
      • Contracts, Terms & Conditions
    • Commercial Litigation & Dispute Resolution
      • Alternative Dispute Resolution
      • Breach of Contract
      • Breach of the Australian Consumer Law
      • Building and Construction Disputes
      • Debt Recovery Disputes
      • Defamation Disputes
      • Employment Law Disputes
      • Equitable Relief, including Injunctions
      • Family Business / Owner Disputes
      • Family Provision Act Claims & Contested Estates
      • Insolvency Law Disputes
      • Negligence Disputes
      • Property Law Disputes
    • Family Law
      • Parenting
      • Family Law Property Settlements
      • Divorce
      • Formalising Family Law Settlements
      • Court Processes For Parenting Matters
      • Court Processes for Family Law Property Settlement Matters
      • Alternate Dispute Resolution in Family Law
    • Employment Law
      • Bullying, Harassment & Discrimination
      • Disciplinary Processes & Investigations
      • Underpayment & Breach of Award Claims
      • Unfair Dismissal & Adverse Action
      • Workforce Restructuring
      • Work Health & Safety
      • Workplace Employment Agreements & Workplace Policies
      • Workplace Prosecutions
    • Property Law & Conveyancing
      • Conveyancing / Buying & Selling Property
      • Building & Construction Law
      • Leasing
      • Property Development
      • Retirement Villages
      • Self Managed Superannuation Funds
      • Strata Title
    • Estate Planning & Succession Law
      • Letters of Administration / Probate
      • Wills, Power of Attorney & Enduring Guardianship
      • Testamentary Trust
    • Insolvency Law & Asset Protection
      • Bankruptcy, Debt Agreements & Arrangements with Creditors
      • Claims in Insolvency – Voidable Transactions, Director Duties and Insolvent Trading
      • Effective Corporate and Personal Asset Protection and Restructuring
      • Voluntary Administration & Deeds of Company Arrangement
    • Criminal Law
      • AVO / ADVO Appearances
      • Bail Applications
      • Drink Driving / Traffic Related Matters
      • Drug Offences
      • Firearm Offences
      • Public Disturbance Offences
      • Sexual Offences
      • Theft / Robbery
      • Violence (Domestic Violence) Offences
  • Insights
    • News & Events
  • Contact
  • Search
  • Menu Menu
  • Twitter
  • Instagram
  • Facebook
  • LinkedIn

Exemptions and Concessions on Duty

News

News Articles

Exemptions and Concessions on Duty – NSW 2013

FIRST HOME – NEW HOME 

This government initiative in NSW provides for exemptions or concessions on duty:

1. For eligible first home buyers of a new property where the agreement (Contract) is dated on or after 1 July 2012.

The initiative provides eligible purchasers with a full exemption on duty for the purchase of a new home valued up to $550,000.00 and concessions on duty for new homes valued between $550,000.00 and $650,000.00; and

2. In relation to Contracts for vacant land where you intend to build your first home.

Eligible purchasers who buy a vacant block of residential land to build their new home on will also receive a full exemption on duty for land valued up to $350,000.00 and will receive concessions on duty for a vacant block of residential land valued between $350,000.00 and $450,000.00.

First Home—New Home exemptions or concessions do not apply to the purchase of an existing dwelling.

NSW NEW HOME GRANT SCHEME

This government initiative in NSW provides for concessions on duty by way of a $5,000.00 grant for new homes not exceeding $650,000.00 and for vacant land not exceeding $450,000.00. The initiative applies to agreements entered into after 1 July 2012.

The scheme provides the grant of $5,000.00 towards new homes, homes off the plan and vacant land on which a new home will be built and is taken off the duty payable at the time of payment.

Transactions that are eligible for the grant include:-

1. New home- agreement for purchase of land that is the site of a new home that is complete and ready for occupation. A new home is a home that has not previously been occupied and sold as a residence. It also includes substantially renovated homes.

2. Off the plan purchase- agreement for purchase of land to be used as the site of a new home which is to be built before the agreement is complete.

3. Vacant land – agreement for vacant land which is to be used as a site for a new home which is not an off the plan purchase. Please note, construction of the home by way of laying of foundations must commence within 26 weeks of the completion of the Contract (the Chief Commissioner may allow a longer period if needed). It does not, however, put a limit on the completion of the construction of the house.

Eligible purchasers for this initiative include natural persons, companies, trustees of a trust and is available for investors as well as those that choose to live in the property. In addition, there is no limit as to how many times a purchaser can apply for the grant.

Applications for the grant must be made within three months from the date of the Contract.

The grant is not available for agreements if they are eligible for a duty exemption and concession under the First Home – New Home Scheme or a grant under the First Home Owner Grant Scheme.

FIRST HOME OWNER GRANT (NEW HOMES)

The First Home Owner Grant (New Homes) offers eligible first home owners a $15,000.00 grant to purchase a new home or build their home for agreements entered into on or after 1 October 2012.

The grant only applies to new homes and does not apply to the purchase of an established home, vacant land, business premises or holiday house.

Applicants who purchase a new home or build a new home which has a total value of more than $650,000.00 will not be eligible for the grant under this scheme.

Unlike the NSW New Home Grant Scheme a purchaser must be a natural person and not a company or trust.

If you require assistance with a property matter, please contact Tom Ellicott on (02) 4220 7100 or lawyers@alg.com.au.

Source: revenue.nsw.gov.au/

July 8, 2013/by admin
Tags: Contract, Lawyers, Protection, Unfair, Wollongong
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on WhatsApp
  • Share on Pinterest
  • Share on Reddit
https://www.alg.com.au/wp-content/uploads/2021/01/logo-alg-colour-300x300.png 0 0 admin https://www.alg.com.au/wp-content/uploads/2021/01/logo-alg-colour-300x300.png admin2013-07-08 05:21:522022-04-21 11:28:14Exemptions and Concessions on Duty
You might also like
What is a consumer?
alg - access law group Conditional Release Orders
Access Law Group - Lawyers Wollongong Does your company own your CEO’s emails?
alg - access law group Social Media & Family Law
Access Law Group - Lawyers Wollongong Insolvency – Are you moored safely?
Access Law Group - Lawyers Wollongong Skene Decision – Federal Court of Australia

Categories

  • Asset Protection
  • Business Law
  • Commercial
  • Commercial Litigation
  • Criminal Law
  • Dispute Resolution
  • Employment Law
  • Events
  • Family Law
  • Insolvency Law
  • News
  • Newsletter
  • Personal
  • Property Law

Recent Posts

  • Another Franchising Concern? June 28, 2022
  • 10 Things to Think About – What Are Reasonable Additional Hours June 21, 2022
  • Depp -v- Heard, a brief re-delve into the law of defamation June 9, 2022
  • Tips on Selecting NSW Property Conveyancing Solicitors June 6, 2022
  • 5 Reasons to Get Your Affairs in Order Sooner Rather Than Later May 23, 2022
  • 5 Golden Rules for Buying Property in NSW May 16, 2022
  • The Law Society of NSW
  • NSW Legislation
  • Federal Register of Legislation
  • Our Team
  • Access Your Money
  • Access Property Conveyancing
  • Costings
  • Corporate & Business Law
  • Commercial Litigation & Dispute Resolution
  • Family Law
  • Employment Law
  • Property Law & Conveyancing
  • Estate Planning & Succession Law
  • Insolvency Law & Asset Protection
  • Criminal Law

Access Law Group

Monday-Friday: 9am-5pm
Anytime to suit you

(02) 4220 7100
lawyers@alg.com.au

Contact Us

Office Locations

WOLLONGONG:
Suite 1, Level 8, 200 Crown Street, Wollongong NSW 2500

CAMDEN:
Level 1, 76 John Street, Camden NSW 2570

SYDNEY:
Suite 450, Level 5, 311 Castlereagh Street, Sydney NSW 2000

© 2021 Access Law Group Pty Ltd | Website & Branding
  • Twitter
  • Instagram
  • Facebook
  • LinkedIn
  • FAQ
  • Privacy Policy
  • Terms & Conditions
Family Court of Appeal 57 BYO devices
Scroll to top