Australia: Stamp duty exemption, windfall gains tax changes for dual occupancy homes (Australian Capital Territory)
Australian Capital Territory government will be introducing a new stamp duty exemption for dual occupancies on suburban residential blocks
Australian Capital Territory government will be introducing a new stamp duty exemption
The Australian Capital Territory (ACT) government issued a release announcing that it will be introducing a new stamp duty exemption for dual occupancies on suburban residential blocks.
According to the ACT government, the exemption would apply to the first transfer of unit-titled dwellings on suburban residential blocks (RZ1) for purchases valued up to AUD $800,000 from 27 November 2023 until 30 June 2026.
To further support the development of more dual occupancy homes, the ACT government is also introducing changes to the lease variation charge (LVC)—a windfall gains tax.
Changes would allow lessees to have a choice on how the LVC is calculated for maximum number of dwelling lease clauses on RZ1 blocks, between the codified values or 75% of the value uplift as measured by an accredited valuer.
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