As part of the 2023-24 State Budget in South Australia, stamp duty has been abolished for eligible first home buyers looking to buy a new home. We’ve put together this article to help you understand what this means and what criteria you need to meet to be eligible.
What is stamp duty and how much does it cost?
When you buy a property in Australia, you need to pay a tax known as either stamp duty (in NSW, ACT, VIC, SA and NT) or transfer duty (in QLD, TAS and WA). The amount you pay depends on how much you pay for the property. It's paid to the state or territory Government where the property is located.
Stamp duty can be one of the largest upfront costs of purchasing any property. To help you work out what your stamp duty might be, check out our stamp duty and land tax calculator.
What is the stamp duty relief in South Australia?
If you’re eligible for South Australia’s stamp duty first home buyer relief, the relief may either:
- reduce stamp duty to zero if the value of your new home is below $650,000 (or $400,000 for vacant land); or
- partially reduce stamp duty if the value of your new home is below $700,000 (or $450,000 for vacant land).
Stamp duty relief for eligible first home buyers applies to contracts entered into on or after 15 June 2023.
Who is eligible?
To be eligible for stamp duty relief in South Australia, you need to be:
- An Australian citizen or permanent resident. New Zealand citizens permanently residing in Australia who hold Special Category Visas may also apply. Only one applicant must meet this eligibility requirement.
- At least 18 years of age at the time of applying.
In addition, you or your spouse/domestic partner must not have:
- Occupied an Australian residential property in which you had a relevant interest for 6 months or longer; or
- Previously received a stamp duty relief in any state or territory of Australia. If it was later paid back together with any penalty, then you may be entitled to reapply.
Companies and trusts are not eligible for stamp duty relief, except in the case of legal disability.
What types of properties are eligible?
- A new home (house, flat, unit, townhouse or apartment)
- An off-the-plan apartment
- A house and land package
- Vacant land to build your new home on
The property needs to be in South Australia and be your or your co-applicant’s principal place of residence.
Stamp duty relief is not eligible on established homes, including where the plan is to knock down the home and rebuild.
What else do I need to know?
For more information including more details around the criteria and detailed FAQs, we recommend visiting this dedicated page on the RevenueSA website. For more information on other first home buyer grants and guarantees, we’ve got a dedicated page here.
