Off-the Plan Duty Rebate up to $50,000.00
A Rebate is available for people who enter into a pre-construction contract to purchase a new residential unit or apartment off the plan.
The rebate is available to owner-occupiers and investors who enter into a pre-construction contract between 23 October 2019 and 23 October 2021 (inclusive) to purchase a new residential unit or apartment.
The rebate applies to the transfer duty and foreign buyers duty surcharge (if applicable) paid on the agreement to purchase the unit or apartment.”
The rebate amount is 75 per cent of the duty paid, capped at a maximum of $50,000. This amount does not include penalty tax or interest amounts paid on the transaction, or any legal or other fees incurred to recover unpaid tax.
There is no cap on the purchase price or value of the unit or apartment.
Multiple rebates can be paid to the same applicant on separate transactions for the purchase of units or apartments in the same or different developments.
Three criteria must be met in order to receive the rebate.
Criteria 1 – Pre-construction contract
The applicant has signed a pre-construction contract to purchase a new residential unit or apartment in a multi-tiered structure where development has not commenced. The pre-construction contract must be executed between 23 October 2019 and 23 October 2021 (inclusive).
Criteria 2 – Eligible applicant
The applicant(s) must be the buyer(s) named on a pre-construction contract or an eligible transferee. The rebate applies to all buyers (natural persons, corporations and trustees), including foreign buyers, who become registered on the title to the unit or apartment as an owner occupier or an investor.
Criteria 3 – Completion of construction
Construction of the new residential unit or apartment must be completed within 36 months of the pre-construction contract being entered into. The Commissioner considers construction to be completed when the strata plan is registered.
The eligible applicant may apply to the Commissioner to extend the timeframe for completion of construction under certain circumstances.