Impacts of reforms to date stage 1 Revenue neutralityChanges in residential general rates to date for houses & unitsImpact of tax reform on householdsImpact of tax reform on businessStage 2 reforms 2017-18 - 2021-22 Commercial conveyance duties removed for most transactions from 2018-19 Residential Conveyance duties continue to reduce every year General rates increases moderated & more equitable
Commercial conveyance duties removed for most transactions from 2018-19
The ACT Government is continuing to cut conveyance duty for commercial transactions.
We are removing commercial conveyance duty for all transactions under $1.5 million, by halving rates in 2017-18 and removing it entirely from 1 July 2018.This means 70 per cent of commercial transactions will not be liable for duty from 1 July 2018.
Even at the top threshold the ACT will be competitive with other jurisdictions.
Residential and commercial conveyance duty rates will be split from 2017-18 on.
Table 6 Commercial Conveyance Duty Rates
|Up to $200,000||0.7||0|
|$200,001 to $300,000||1.2||0|
|$300,001 to $500,000||1.9||0|
|$500,001 to $750,000||2.39||0|
|$750,001 to $1,000,000||3.15||0|
|$1,000,001 to $1,499,999||3.4||0|
|$1,500,000 and above1||5||5|
Note: 1 The $1,500,000 and above rate is a flat rate.
Table 7 Interstate comparison of commercial conveyance duty in 2018-19
|Jurisdiction||$0.5 million||$1.5 million||$10 million|
|Duty ($)||Duty ($)||Duty ($)|