Tax Newsletter

ACT: Duty Deferral to be reinstated after changes to retargeting the First Home Owner’s Scheme to new and substantially renovated properties inadvertently disqualified some [81]

The Duties (Duty Deferral) Amendment Bill 2013 (ACT) was introduced into the ACT Legislative Assembly on 8 August 2013.

As part of the ACT Government's housing affordability measures, amendments are being made to the First Home Owner Grant Act 2000 (ACT) which will take effect from 1 September 2013. These amendments will retarget the grant to new and substantially renovated properties only. As an unintended consequence of retargeting the FHOG to only new or substantially renovated properties, access to the Duty Deferral Scheme to first home buyers who purchase an established property is removed. The Bill makes minor amendments to the Duties Act, which will ensure that applicants who would have otherwise been eligible for duty deferral on the purchase of an established property, via the FHOG, retain access to the deferral Scheme.

The amendments will be taken to have commenced on 1 September 2013.

[LTN 154, 12/8/13]

 

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