Stamp Duty Changes - Treasury and Revenue Legislation Amendment Act 2023

The introduction of the Treasury and Revenue Legislation Amendment Act 2023 which commenced on 1 February 2024, saw a number of changes which relate to corporate reconstruction and consolidation, landholder duty, fixed and nominal duty amounts, electric vehicle duty exemptions and rebates and remissions of interest. A summary of some of the changes are below;

1. Increase in fixed and nominal duty amounts from 1 February 2024

Effective 1 February 2024, fixed or nominal duties are as follows: 

• The $10 duty has increased to $20. As an example, a Contract for Sale will now attract $40.00 in transfer fees (previously $20.00).
• The $50 duty has increased to $100 except when relating to Managed Investment Schemes, which will increase to $500. 
• The $500 duty has increased to $750. Trust Deeds will now be subject to stamp duty in the amount of $750.

2. 2024 Land Tax Year

 
Rates and thresholds for 2024 land tax year are as follows:

General threshold:  $1,075,000.00 (previously $969,000.00);

Premium threshold: $6,571,000.00 (previously $5,925,000.00);

General threshold rate:

$100 plus 1.6 per cent of land value above the threshold, up to the premium threshold.

Premium threshold rate:

$79,396 plus 2 per cent of land value above the threshold (2023 tax year). $88,036 plus 2 per cent of land value above the threshold (2024 tax year).

3. Land tax assessment payment options

Flexible interest-free payment options are now available where land tax customers can select:

• a payment timeframe of 3, 6 or 9 months;
• whether payments will be made monthly or fortnightly; and
• the payment method.

4. Changes to principal place of residence land tax exemption

From 1 February 2024, the principal place of residence land tax exemption will only be available to a resident who owns an interest of at least 25% in the property. Those who already claim the principal place of residence exemption but own less than a 25% interest in the land may continue to claim the exemption for the 2024 and 2025 land tax years. 

The contents of this publication are for reference purposes only. This publication does not constitute legal advice and should not be relied upon as legal advice. Specific legal advice should always be sought separately before taking any action based on this publication.