KEY TAKE OUTS:
- Stamp duty exemptions & concessions for those who have lost their homes in the recent bushfires and intend to buy another property
- What are the terms and conditions you must comply with in order to be eligible for the 2019/20 NSW bushfire duty relief scheme
Last week you heard it here first. The NSW Government announced relief for home buyers who lost their homes in the recent bushfires. Further to last week’s blog about this, Revenue NSW has now provided further information on eligibility and making an application … and I’m here to bring it to you, in plain English of course.
They’re calling it the ‘2019/20 NSW bushfire duty relief scheme’ and it’s available to those who have lost their principal place of residence in the recent bushfires and intend to buy another property anywhere in NSW, rather than to rebuild.
So what’s up for grabs?
- Exemption from duty – this is capped at $55,000 which means it will apply to properties priced up to around $1.25million
- Reduction from duty – for the purchase of property where the value is over $1.25 million, the duty payable will be reduced by $55,000
- Refund of duty – where you have already purchased another property, you will receive a refund (in full or in part based on the purchase price) of the duty paid
How long is the scheme in place for?
The application period is effective for 2 years, from 3 March 2020 until 2 March 2022.
Upon making an application, what is required?
- A title search for the destroyed property – this shows the registered owner/s on title of the property
- Evidence the applicants home was lost – this may include an insurance claim form or statutory declaration
What are the Terms and Conditions?
- The applicant must be a natural person, not a company, partnership or trustee. In some instances though, a trustee may be eligible
- The applicant must own or have owned property located in a suburb which appears on this list, published by the Office of Emergency Management
- The residence lost in the bushfires must have been your principal place of residence at the time it was destroyed – the scheme isn’t available to holiday homes lost in the bushfires for example
- The property purchased must be lived in by at least one of the applicants as a principal place of residence for a continuous period of at least 6 months, starting within 12 months after completion of the Contract to purchase it
- For the purchase of vacant land:
- it must be intended to be used as the site of a home to be occupied by the applicant as their principal place of residence
- the foundations of the home must be laid within 26 weeks of completion of the Contract to purchase it
- the property constructed on the parcel of land must be lived in by at least one of the applicants for a continuous period of a least 6 months, starting within 12 months after issue of an occupation certificate
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.