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    Residential Rate

    There is a concessional rate of duty that applies to certain dutiable transactions over, residential property.These transactions include agreements to transfer dutiable property, such as an offer and acceptance and transfers of dutiable property, such as a transfer of land.

    Residential property includes primary residences, rental properties and vacant land where building commences within 5 years (see below).

    Dutiable value

    $           0 – $120,000

     

    $1.90

    Per $100 or part thereof

    $120,001 – $150,000

    $  2,280 +

    $2.85

    Per $100 or part thereof above $120,000

    $150,001 – $360,000

    $  3,135 +

    $3.80

    Per $100 or part thereof above $150,000

    $360,001 – $725,000

    $11,115 +

    $4.75

    Per $100 or part thereof above $360,000

    $725,001 and upwards

    $28,453 +

    $5.15

    Per $100 or part thereof above $725,000

    See also:

    Where an eligible dutiable transaction includes residential property and other dutiable property (e.g. business assets, commercial land) the entire transaction will be assessed at the residential rate.

    When vacant land is purchased, and building of a residence commences within 5 years of the date of original liability (usually when the agreement is made), the transaction will initially be assessed at the general rate of duty, but can be reassessed once building has commenced.   An application for reassessment in this case must be made within 5 years of the original purchase, or within 1 year of the date that building starts, whichever is later.

    All applications for the residential rate must be made using the residential rate application form for transactions: on or after 1 March 2011between 1 July 2008 and 28 February 2011