Off the Plan Concessions

As you are all aware by now, for real estate Contract of Sale dated after 1 July 2017, the off the plan duties concession will only apply to properties acquired for principal place of residence uses and will also have caps applicable for the dutiable values for eligible transactions.  From what we understand, eligible first home buyers can have contracts with purchase price for up to $750,000 and still have the off the plan concession applicable, whilst for all other buyers for principal place purchases, they can enjoy the off the plan concession as long as the dutiable value is not above $550,000.00.

This means that for there will be hardly any off the plan concessions available for foreign purchasers.  

For eligible local first home buyers, the new change will benefit them significantly as long as the purchase price is not above $750,000.00.  For eligible local first home buyers with dutiable value below $600,000, there should be no duty payable. 

This office offers pre-contract review services for any type of Contract of Sale before you intend to make an offer.  Once a Contract of Sale is signed by the purchaser, you may have very limited timeframe to negotiate any subsequent changes and the vendor may reject any subsequent changes requested.  If you have any need for pre-contract advice, please contact our office on 03 8685 8568.

Disclaimer

Any article published over our website is intended to provide commentary and general information only. It is not intended to and should not be relied upon as legal advice. Formal legal advice should be sought in each individual matter and based on personal circumstances. D Y & Co Lawyers is not responsible for consequences arising from any reliance on any article published.