KEY TAKE OUTS:
- Stamp duty exemptions for those who have lost their homes in the bushfires and intend to buy another property
- Land tax grace period for those who have properties in suburbs affected by bushfires
After all of the devastation that the recent natural disasters have brought this country and in particular the state of New South Wales, I was astounded to hear how generous the Australian people have been. More recently, I was equally as impressed to hear about the help that the NSW Government and in particular Revenue NSW is offering.
If you lost your home in the bushfires and intend to buy another property, rather than to rebuild, no duty is payable. This exemption is capped at $55,000, which means it will apply to properties priced up to around $1.25 million.
According to Government estimates, it is expected that up to 30% of people who lost their homes will apply for the stamp duty exemption.
Whilst Revenue NSW advises that further information on eligibility and making an application will be available by 10 March 2020, Treasurer Dominic Perrottet has said that the package will be eligible for two years and if you have already purchased property and paid duty, you will be eligible to apply for a refund.
In additional to the relief being provided around stamp duty, Revenue NSW advises that if you:
- have a property which is liable for land tax; and
- have not yet received your land tax assessment notice; and
- your property is in a suburb affected by bushfires
you can expect to receive your land tax assessment notice in April 2020, that’s a grace period of 3 months from January 2020.
This information is current as at 3 March 2020.
ABOUT MELINA COSTANTINO:
Melina has over 9 years’ experience as a Licensed Conveyancer, acting for client matters involving; purchase and sale of residential and commercial property, Retirement Village Contracts, Put & Call Options, Call Options and Family Transfers. She is passionate about helping a wide range of clients across all aspects of the buying and selling process and ensuring that her clients meet all their legal obligations.
For further information please don’t hesitate to contact:
This blog is merely general and non specific information on the subject matter and is not and should not be considered or relied on as legal advice. Coutts is not responsible for any cost, expense, loss or liability whatsoever in relation to this blog, including all or any reliance on this blog or use or application of this blog by you.