Stamp Duty Exemption - Senior's Principal Place of Residence

The NSW State Government has extended the Senior's Principal Place of Residence Duty Exemption under the NSW Home Builders Bonus to persons between the ages of 55 and 65 years. Previously the exemption only applied to persons 65 years of age or over.

The full stamp duty exemption will apply to Contracts entered into after 1 July 2011 and before 1 July 2012.

For seniors to be eligible for the exemption they must move into the house within 12 months of completion and occupy it as their principal place of residence for a continuous period of at least 12 months, they must have owned and occupied a home in NSW within the last 12 months and they must dispose of their former home prior to, or within 6 months, of the contract for the new home.

The property being purchased must be either a completed new home (which has never been occupied before) or an off the plan purchase where construction has commenced.  If construction has not commenced or vacant land is being purchased then an application will need to be made under the NSW Home Builders Bonus and the thresholds for such application will apply.

Further information can be obtained by calling our Byron Bay, Lismore or Cabarita office or the NSW Office of State Revenue website - www.osr.nsw.gov.au.