ARTICLE · 03 JULY 2017

Not a first home buyer? NSW property reforms may affect you too

Coutts Solicitors & Conveyancers

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While they are aimed at assisting first home buyers, these NSW property reforms will also affect non-first home buyers.

AustraliaTax

Natali Vujica

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The recently announced property reforms commence from 1 July 2017. While they are aimed at assisting first home buyers, such reforms will also affect non-first home buyers as follows:

NSW NEW HOME GRANT SCHEME

The NSW New Home Grant Scheme will be closed. This scheme currently provides eligible non-first home buyers, including investors, with a $5,000.00 reduction off stamp duty on purchases of new homes, off the plan property and vacant land and can be claimed once a financial year.

STAMP DUTY FOR OFF-THE-PLAN PROPERTY

Deferring payment of stamp duty on off-the-plan property will no longer be available to investors. Currently all purchasers may defer paying stamp duty on off-the-plan purchases for 15 months, which provides an additional 12 months on top of the usual time frame of 3 months to pay stamp duty. Whilst deferring stamp duty will no longer be available for investors, it will remain available for purchasers who will live in a property that they

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