Thursday, August 18, 2022
Home Housing ACT abolishes stamp duty for homes with a value of $500k or...

ACT abolishes stamp duty for homes with a value of $500k or less

Canberra Live Reporter

The ACT government has stopped collecting the stamp duty for off the plan housing units valued at $500 000 or less.

This was revealed by a recent government newsletter, Our CBR.

This only applies to owner occupier purchases.

“This is a significant next step in the ACT government’s ongoing tax reform program and reflects our commitment to improving housing affordability in the ACT,” reads part of the government flyer.

The stamp duty was a barrier to many people wishing to enter the housing market.

“….the next phase of the reform will be targeted at increasing the benefit most for people buying a lower value property to live in,” says the government revenue collecting arm.

Continues the statement: Whether you are looking to purchase your first home, wanting to upgrade or to downsize, continuing to reduce stamp duty will make it easier for Canberrans to purchase the home that is right for them.”

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