The First Home Buyer Legislation Amendment Bill 2023 has been introduced into parliament and proposes to amend the Duties Act 1997 to revise dutiable values for property to be eligible for the First Home Buyers Assistance Scheme.
Under the amendments, the threshold for a concessional rate of transfer duty under the scheme will be increased from $800,000 to $1 million. The threshold to be exempt from transfer duty under the scheme will be increased from $650,000 to $800,000. The new thresholds are proposed to apply from 1 July 2023.
The Bill also contains amendments to require a person to reside in a home as their principal place of residence for a continuous period of at least 12 months to be eligible for a duty exemption or concession. First home buyers will also be required to reside in their home as their principal place of residence for a continuous period of at least 12 months to be eligible for a First Home Owner Grant, under proposed amendments to the First Home Owner Grant and Shared Equity Act 2000.
The Bill also proposes to amend the Property Tax (First Home Buyer Choice) Act 2022 to prevent a person making an election to pay property tax rather than stamp duty on a transfer of land occurring on or after 1 July 2023, unless the transfer conforms with an agreement for sale or transfer entered into before 1 July 2023.
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