·         The ACT charges stamp duty on transfers, agreements for sale, declarations of trust or grants over certain property. The rate of duty applied to each of these transactions depends on both the nature of the property and its value. The duty is calculated on the purchase price or the market value depending on which is higher.

·         Stamp duty concessions exist for those purchasing their first home or vacant land intended to be used as a site for a first home. The concessions and exemptions apply as follows:

o   For residential homes you will need to pay $20 stamp duty when you buy a new or substantially renovated home up to a value of $447,300. A partial concession is available for properties between $447,000 and $540,000.

o   For vacant land there is $20 stamp duty on purchases up to $267,400. A concessional rate applies for vacant land up to $292,800.

·         The ACT also offers concessions for eligible pensioners purchasing a home or vacant land that is to be used as a site for home. Such concessions are applied as follows:

o   For residential homes you will need to pay $20 stamp duty when you buy a new or substantially renovated home up to $595,000. A partial concession is available for properties up to $765,000.

o   For vacant land there is $20 stamp duty payable for land up to $316,100. A concessional rate of stamp duty exists for land up to $371,200.

·         Further information can be found at http://www.revenue.act.gov.au.