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📜 Duties Amendment (Off-the-Plan Concession and Foreign Persons Exemptions) Bill 2023

Assented toLABill 1229 August 2023

This bill amends the Duties Act 2008 to implement an off-the-plan duty concession and expand foreign buyer duty exemptions for residential developments. It provides upfront duty concessions for eligible off-the-plan agreements and modifies requirements for foreign person duty refunds related to construction/refurbishment.

Impact

The bill affects property developers, foreign property investors, and individuals purchasing off-the-plan properties. It aims to stimulate construction and housing development by reducing duty costs and encouraging urban infill.

Key Changes

["Introduces an upfront duty concession for off-the-plan property purchases.", "Expands the circumstances for foreign buyers to receive duty refunds for residential developments by removing requirements related to existing residential properties on the land.", "Clarifies that the refurbishment exemption for foreign buyers only applies to substantial refurbishment creating 10 or more dwellings."]