Changes to Conveyancing in New South Wales – NSW Property Buyers benefit from Stamp Duty concessions and exemptions
While it is important to know your stamp duty liabilities, it is just as important to know your stamp duty concessions and exemptions. In a previous article “Buying NSW Property – Calculating Stamp Duty”, we discussed how you can calculate your stamp duty liability when you are buying property in New South Wales. In this article, we look at why it is important for NSW property buyers to keep up to date and informed of stamp duty exemptions and concessions.
For several years now, the NSW Government has announced various financial incentives for NSW property buyers in the form of stamp duty concessions and exemptions. For example, there are the first home buyers benefits such as the First Home Owners Grant, First Home Plus and First Home Plus One, while more recently there has been NSW Housing Construction Acceleration Plan (which ended on 30 June 2010) and the NSW Home Builders Bonus for new property and vacant land, and Seniors Principal Place of Residence exemption.
The Office of State Revenue (OSR), being the government office that administers stamp duty amongst other taxes and duties, may take enforcement action against you if you do not comply with your obligations to them (ie, to pay stamp duty), however it will not ‘remind you’ or ‘alert you’ to any benefits that you could have received from them if you do not apply. The OSR will provide you with information, but after that – it is entirely up to you to apply. So if you are buying property in New South Wales but do not know whether you are eligible for stamp duty concessions or exemptions – you may be missing out, and in many cases you are missing out on thousands if not tens of thousands of dollars in possible stamp duty concessions or stamp duty exemptions. If you need assistance, then contact us so that we can help you to navigate through your entitlements as well as your obligations.
As of 26 March 2011, the State of New South Wales has a new Liberal government, the first in over 16 years. So what does this mean for NSW property buyers? Only time will tell. However, it is now more important than ever for NSW property buyers to keep up to date with stamp duty concessions and exemptions and any changes that may be introduced over the coming months.