The First Home (New Home) Concession available for stamp duty is a new concession issued by the Queensland Revenue Office available for contracts entered into from 1 May 2025 onwards and it reduces stamp duty, without any threshold to an amount of NIL, if you meet the relevant requirements.
This concession applies only to:
- New homes; or
- Substantially renovated homes.
What is the difference between a new home and a substantially renovated home?
A new home is either:
- An apartment or townhouse purchased off the plan, or recently built, but never occupied by anyone, directly from the developer; or
- A home newly built by a builder, but never occupied by anyone before or sold as a place of residence before.
You must provide a vendor statement from the seller confirming the home has never been previously occupied or sold as a place of residence unless it is an off the plan purchase.
A substantially renovated home is a home which has received substantial renovation which have altered an existing dwelling to make the property more liveable and improve its accessibility or safety.
It also includes demolishing an existing home and building a new home on the land and you must provide a vendor statement from the seller which confirms:
- The sale of the home was a taxable supply under the A New Tax System (Goods and Services Tax) Act 1999 (Cth) and was sold in the course of the seller’s business;
- The home has not been sold or occupied as a place of residence since the renovations;
- The type and extend of the renovations; and
- A tax invoice which shows the GST component of the home purchase price.
What are the requirements to claim a First Home (New Home) Concession on stamp duty?
To be able to claim the First Home (New Home) Concession on stamp duty, you must:
- Have never held an interest in a residence anywhere in Australia or overseas before;
- Have never claimed the First Home Vacant Land Concession before;
- Are at least 18 years old (unless special circumstances apply, please contact us regarding these as they vary on a case-by-case basis);
- Are paying market value for the property;
- Will move into the property with your personal belongings and live there on a daily basis within 1 year of settlement date;
- You cannot sell the property to obtain the full concession, within 1 year from when you move in;
- You cannot rent the property out fully within 1 year of moving into the property, however you can rent part of the property out once you move in first and the lease arrangement commences from 10 September 2024.
How can I claim the First Home (New Home) Concession?
We can assist you in claiming this concession, and other concessions, provide you with advice and we also provide in-house transfer duty lodgement. We have handled thousands of duty assessments over the years and can let you know where you stand.
If you have any questions regarding your eligibility requirements or how to claim your concession, please contact our team today.
The information provided in this article is for general information and educative purposes in summary form on legal topics which is current at the time it is published. The content does not constitute legal advice or recommendations and should not be relied upon as such. Whilst every care has been taken in the preparation of this article, FC Lawyers cannot accept responsibility for any errors, including those caused by negligence, in the material. We make no representations, statements or warranties about the accuracy or completeness of the information and you should not rely on it. You are advised to make your own independent inquiries regarding the accuracy of any information provided on this website. FC Lawyers does not guarantee, and accepts no legal responsibility whatsoever arising from or in connection to the accuracy, reliability, currency, correctness or completeness of any material contained in this article. Links to third party websites or articles does not constitute any endorsement or approval of those sites or the owners of those sites. Nothing in this article should be construed as granting any licence or right for you to use that content. You should consult the third party’s terms and conditions of use in relation to any third-party content. FC Lawyers disclaims all responsibility and all liability (including liability for negligence) for all expenses, losses, damages and costs you might incur as a result of the information being inaccurate or incomplete in any way. Appropriate legal advice should always be obtained in actual situations.
Prefer to get in touch?
With offices in Brisbane, Sunshine Coast, North Queensland and Sydney, our team is well equipped to provide both advice and support across a broad range of legal areas.
