Stamp Duties Consolidation Act 1999 section 92B

Residential property first time purchaser relief

Section 92B provided a stamp duty exemption for first time purchasers of residential property, but the relief is now spent and does not apply to any instrument executed on or after 8 December 2010.

• The section exempted instruments transferring a dwellinghouse or apartment to a first time purchaser from the ad valorem residential conveyance and lease duty rates.
• A first time purchaser was an individual who had never previously purchased or built any dwellinghouse, whether alone, jointly or in a fiduciary capacity, with the consideration funded from their own means.
• The purchaser, or someone in their right, had to occupy the property as their only or principal residence for two years, and no rent could be derived from it during that period (apart from rent-a-room arrangements from 6 April 2001).
• Breach of the occupation or no-rent conditions triggered a clawback equal to the duty that would otherwise have been chargeable, together with interest, with each purchaser jointly and severally liable.