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In a joint media statement released by Ministers Saffioti, Ellery and Carey, the Duties Amendment Bill 2023 was announced. The Bill is set to incentivise buyers of off-the-plan apartments in multi-story developments by providing them with an upfront concession on the transfer duty owed.
For buyers of eligible properties valued up to $650,000, the duty concession will be 100 per cent (capped at $50,000) and for buyers of eligible properties valued at $750,000+, the concession will be phased down to 50 per cent of the duty (again, capped at $50,000)
Read the media statement here.
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