State Budget 2016/17: Off-the-plan stamp duty concessions extended and expanded
The State Government stamp duty concession for off-the-plan apartments has been extended for one year and expanded to cover all of South Australia as part of a $7.6 million investment included in the 2016 –17 State Budget.
Initially set to end on June 30, homebuyers can now access the concession scheme for an additional 12 months until 30 June 2017.
Effective today, the concession will also apply to all off-the-plan apartments in South Australia. Previously, only properties in the CBD and inner-city suburbs were eligible.
Background
In the past 12 months, 585 homebuyers used the concession to buy an apartment off-the-plan.
The scheme is a targeted incentive to stimulate growth in the building industry as the State’s economy continues to transform.
Stamp duty concessions of up to $15,500 apply for eligible purchases of off-the-plan apartments, while the State Government continues to offer a $15,000 First Home Owner Grant for new homes.
These two initiatives mean first home owners could be eligible for up to $30,500 towards an off-the-plan apartment.
Source: News Release, Government of South Australia, 20 June, 2016