New Transfer Duty Rates
So, the changes in layman’s terms are as follows:
There used to be two rates of duty:
• Duty full and
• Duty residential.
Duty full, which was applied to all commercial properties and vacant land (and was higher than duty residential) has now been scrapped, and we only have duty residential.
The State government’s 50% rebate on transfer duty and foreign buyers’ duty is available until 24th October 2023. This is capped at $50,000.00 and only available for pre-construction contracts signed before 24th October 2023.