Off-the-plan buyers impacted by construction delays will have extra time to pay transfer duty under new State Government measures.
Eligible buyers may also receive interest relief.
The announcement comes on the back of concessions announced last October for apartment buyers.
Normally, transfer duty is due within three years of the contract date, or earlier if settlement occurs first. But delays in some developments have extended this timeframe.
If duty is payable before settlement can occur, a buyer may apply for a tax payment arrangement to defer payment of duty for up to 12 months, with extensions possible for ongoing delays beyond the buyer's control.
Until June 2025, interest normally applied to a tax payment arrangement will be reduced for buyers in developments that were planned to be completed within three years but have been affected by construction delays beyond the control of the buyer and the developer. Remission of late payment penalty tax will also be considered in individual circumstances.
Affected buyers with existing tax payment arrangements may apply to renegotiate the interest payable under their arrangement.
Affected buyers can apply for a tax payment arrangement. If duty has already been paid and the transaction does not proceed to settlement, complete this form and apply for a full refund of the amount paid.
