Pensioner duty exemption or concession

Eligible pensioners and concession cardholders who signed a contract to buy a home before 1 July 2023 may be entitled to a once-only duty exemption or concession

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The amount of the exemption or concession depends on the value of the home:

A full exemption is available for homes valued up to $330,000.

A concession is available for homes valued from $330,001 to $750,000.

To be eligible, you must:

Hold one of the approved concession cards at the date of the transfer (settlement date).

Buy the property for market value.

Intend to live in the home as your principal place of residence.

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How the exemption or concession applies

The exemption or concession is calculated based on the dutiable value of the property. This is the purchase price or the market value (whichever is greater) of the land and home.

For off-the-plan homes, the exemption or concession is based on the contract price of the property and the dutiable value of the property, including the off-the-plan concession. You need to contact your vendor to get the dutiable value of your property, including the off-the-plan concession.

For vacant land where you are building a home within three years, the concession or exemption is based on the dutiable value of the vacant land, being the purchase price or the market value (whichever is greater), and the construction cost of the home.

Related party transfers and/or nominations

The exemption or concession is only available to genuine purchasers who paid at least the market price for their home. This ensures that duty relief does not benefit those who have purchased their home at a heavily discounted price or received the property as a gift.

If you are buying a home from a related party, you will need to provide additional evidence to the State Revenue Office that you paid at least the market price. This evidence could include:

Proof of payment of the purchase price (e.g. bank statements, loan agreements and receipts)
Evidence of the market value of the property (e.g. a letter of appraisal from a licensed real estate agent)

How to apply for the exemption or concession

You can apply for the exemption or concession through your conveyancer or solicitor. They will need to provide the following information to the State Revenue Office:

Your contract of sale
Proof of your concession card
Evidence that you intend to live in the home as your principal place of residence