State Budget Changes 2014

FIRST HOME OWNER GRANT (NEW HOMES)

On and from 1 July 2014, the first home owner grant cap has been increased from $650,000 to $750,000. This means that an eligible transaction that has a total value of up to $750,000 will qualify for the first home owner grant for new homes. This applies to contracts entered into on or after 1 July 2014, or for owner builders if the building work commences on or after 1 July 2014. The grant will only be available for properties with a total value not exceeding the cap amount.

The First Home Owner Grant (New Home) provides a grant of $15,000 to help eligible first home buyers to purchase or build a new home. It replaces the $7,000 First Home Owner Grant from 1 October 2012. The grant of $15,000 applies to eligible transactions entered into on or after 1 October 2012 and before 1 January 2016. The grant will then be reduced to $10,000 from 1 January 2016 with no end date set.

ABOLITION OF VARIOUS DUTIES

Duty will be abolished from 1 July 2016 on:

• transfers of marketable securities and commercial fishery shares;
• transfers of business assets;
• transfers of statutory licences or permissions and gaming machine entitlements; and
• mortgage duty.

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