The principal place of residence concession is not available if you obtained your property for a heavily discounted price or as a gift.
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The principal place of residence concession (PPR) is available as a stamp duty reduction when you buy a new or established property, valued up to $550,000, and intend to move in within 12 months of your settlement date and live there as your primary home for at least one year.
Where there are two or more purchaser, at least one of the purchasers must satisfy these eligibility requirements. However, it is not necessary for the same buyer to occupy the home for the whole 12 months.
Upon receiving the principal place of residence concession, if a purchaser then becomes aware that they will not meet the PPR requirements, they must notify the Commissioner of State Revenue within 30 days.
Failure to notify within the prescribed time frame may result in the transfer being charged at the standard rates of duty with penalty being imposed.
Contact us for further information on stamp duty concessions.
If so, you have probably already discovered that property conveyancing is a complex process. It entails legal and administrative legwork that surprises many buyers and sellers.
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