What's On

  • Written by ACT Government

Released 25/10/2023

The ACT Government will introduce a new stamp duty exemption for dual occupancies on suburban residential blocks to further progress housing choice, access and affordability.

The stamp duty exemption will apply to the first transfer of unit-titled dwellings on suburban residential blocks (RZ1) for purchases valued up to $800,000 from 27 November 2023 until 30 June 2026.

The introduction of the exemption will coincide with the commencement of the new Territory Plan, offering Canberrans more housing options while retaining planning and design elements that continue to make Canberra one of the most liveable cities in the world.

The new Territory Plan will allow dual occupancy developments on large blocks. Any block over 800 square metres in an RZ1 zone will be able to accommodate a modest second dwelling, up to 120 square metres in size, and be able to unit title that second dwelling (enabling it to be individually sold).

The Government is also introducing changes to the lease variation charge (LVC) – a windfall gains tax – to support the development of more dual occupancy homes in Canberra.

Between the commencement of the new Territory Plan and 30 June 2026, the Government will give lessees the choice on how the LVC is calculated for maximum number of dwelling lease clauses on RZ1 blocks, between the codified values or 75 per cent of the value uplift as measured by an accredited valuer.

This will put the choice in the hands of the lessees as to whether they prefer the certainty of the codified values or the flexibility to seek a bespoke valuation to test the value uplift.

The temporary LVC changes will also enable the Government to monitor developments and sales to ensure codified values are then set at the right level.

Both the stamp duty exemption and LVC changes will support the development of more dual-occupancy homes in our suburbs, providing more opportunities for Canberrans to find a home, including existing families looking to downsize in the suburbs they’ve called home for many years.

For more information, visit the ACT Revenue Office website: revenue.act.gov.au

- Statement ends -

Andrew Barr, MLA | Media Releases

«ACT Government Media Releases | «Minister Media Releases

Read more

About Australia

Captivating Floral Designs from Gold Coast Florists

The dynamic nexus among floral creativity and present-day aesthetics is explored in modern desig...

Investigating the Wonders of Blueberry Powder: A Dietary Powerhouse in a Helpful Shape

Within the domain of superfoods, few can equal the humble however powerful blueberry. Bursting wit...

Opening the Control of Whey Protein: A Comprehensive Direct

Within the world of wellness and nourishment, few supplements have accomplished the broad recognit...

Saddling the Control of Mesmerizing: A Way to Smoking Cessation

Within the fight against smoking compulsion, people frequently discover themselves hooking up with...

Beyond Ordinary: Personalised Gifts That Speak Straight to the Heart

There are gifts, and then there are gifts that express precisely how much someone means to you.  P...

How to Choose Patio Furniture to Complete Your Outdoor Space

Whether you have a small balcony or an expansive backyard, creating a comfortable and functional o...

Proven SEO Strategies for Your eCommerce Business

In the dynamic world of eCommerce, standing out amidst the competition requires more than just a s...

Petroleum Demand and Supply Analysis

The Petroleum Planning & Analysis Cell (PPAC) plays a crucial role in the energy sector by pro...

The top seven Moving and Real estate trends in Australia

1) More Millennials.  Many Australian millennials are first-time homebuyers, constituting the lar...

Essential Factors to Consider When Choosing a Removalist Partner

Families face numerous challenges when relocating. Uprooting one's life and starting over in a new...

Expert Hidden Dash Cam Installation Services In Sydney

Are you tired of feeling uncertain on the road? Do you want to ensure your safety and security whi...

Managed IT: A Cost-Effective Solution

In today's fast-paced business landscape, staying ahead of technological advancements is not just ...