Why Waste Your Duty Concessions?
First home buyers purchasing property are eligible to receive an exemption from stamp duty should they meet all the relevant criteria for the exemption.
A stamp duty concession is also available for holders of a government concession card who are purchasing property and are deemed to be eligible pensioners under the relevant legislation.
Holders of the following government issued health care cards will be eligible to receive the concession:
- Services Australia Health Care Card, except the Foster Child Health Care Card (FO or FST) and Carer Allowance Health Care Card (CD)– Services Australia was formerly known as the Department of Human Services
- Department of Veterans Affairs (DVA) Health Care Card – Gold Card
- Services Australia Pensioner Concession Card
- DVA Pensioner Concession Card
- Services Australia Commonwealth Seniors Health Card
- DVA Commonwealth Seniors Health Card
We have recently had some transactions where the Purchaser is eligible to obtain the above concession and is also a first home buyer and therefore entitled the first home buyer exemption.
As the name suggests, the first home buyer grant is only able to be used on your first land purchase and thereafter all eligibility for this grant ceases. Similarly, the stamp duty concession for pensioners can only be used once.
To ensure these clients are able to access both entitlements, we have advised that, in the event the eligibility criteria for both are met, they should exercise the first home buyer grant to enable them to obtain a full exemption of duty. This then reserves the pensioner concession to be utilised on a later purchase.