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Property Law News, June 2011

Amendment to the exception on duties for senior citizens

The age to qualify for exception from duties for new home purchases has been reduced from 65 to 55

The Duties Amendment (Senior's Principal Place of Residence Duty Exemption) Bill 2011 will come into force on 1 July 2011 and will extend the exemption from duty for new housing purchases to those above the age of 55 years, previously only 65 years, where the property purchased is to be the principal residence of the person. This will only apply to complying agreements or transfers of property. Under the scheme, the exemption applies to new home purchases and off the plan purchases by eligible persons over the age of 55 years who have not benefited from this scheme previously. If there are multiple purchasers or transferees in the one transaction they must all be eligible under the scheme or the spouse of an eligible person under the scheme. The duty exemption is capped at $600,000.00 for new home purchase and off the plan purchases and $400,000.00 for vacant land purchases.

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