When can I get a reduction in Stamp Duty?

The buyer is generally entitled to a reduction in the amount of stamp duty payable on the purchase of a property where the buyer is going to reside in the property after settlement. The buyer must reside in the property within twelve months from the date of settlement to be entitled to the reduction. If the buyer has not previously purchased a residential property then they may be entitled to a further discount if the purchase price is $500,000.00 or less.

If the property is vacant land then the buyer must pay the full amount of the stamp duty even if they intend to build a house on the property within twelve months after settlement. If the buyer has never owned residential property beofre then they may be entitled to a discount.

The buyer must reside in the property for a minimum period of twelve months. If the buyer claims the deduction but does not reside in the property then they will be required to pay the full amount of the stamp duty plus a penalty, being the full amount of stamp duty again, if they fail to notify the Office of State Revenue that they are unable to reside in the property.