Homeโ€บActsโ€บDuties Amendment (Off-the-Plan Concession and Foreign Persons Exemptions) Act 2023

๐Ÿ“˜ Duties Amendment (Off-the-Plan Concession and Foreign Persons Exemptions) Act 2023

029 of 2023Assented 28 November 2023

This Act amends the Duties Act 2008 to introduce an off-the-plan concession for transfer duty and foreign transfer duty, and to clarify exemptions for foreign persons undertaking certain developments. It aims to stimulate construction and housing supply.

Impact

Developers and purchasers of off-the-plan properties will be affected by the new duty concessions. Foreign persons undertaking substantial developments may be eligible for exemptions from foreign transfer duty. The changes may incentivize investment in new residential developments.

Sectors
constructionfinancehousingplanning
This Act originated as a bill
View parent Bill โ†’

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