If your house was destroyed in the NSW bushfires of 2019/20, and you've decided to buy in another location rather than rebuild, the NSW government is offering up to $55,000 towards the transfer duty (stamp duty) on the replacement property.
$55,000 would be the approximate duty payable on a property priced at around $1.25 million. Any amount above the $55,000 would be payable by the purchaser.
The transfer duty relief scheme is aimed at providing individuals with an option to get back on their feet and into their own home faster.
The application period is effective from 3 March 2020 until 2 March 2022.
To be eligible for the scheme you must:
- have been an owner of a destroyed residential property
- have been living in the destroyed property as your principal place of residence
- intend to live in the new dwelling as your principal place of residence.
The following are not eligible for the scheme:
- people in their capacity as trustees, unless:
- the trustee is the guardian of a person under a legal disability and that person is the owner who will be occupying the home as their principal place of residence, or
- the trustee is an apparent purchaser of a kind referred to in section 55 of the Duties Act 1997 (NSW) and the real purchaser is an affected owner of the principal place of residence.
For detailed information on the eligibility requirements and application process visit 2019/20 NSW bushfire duty relief scheme on the Revenue NSW website.
Note: Business properties that were destroyed, and properties that were used as holiday homes are not eligible.