Residential Conveyance duties continue to reduce every year

The ACT Government will continue to reduce residential conveyance duty rates in the 2016-17 Budget, as previously announced, and over the next five year period of tax reform. Table 8 below shows the residential conveyance duty rate scale for 2016-17 and the next five years.

Table 8 Residential Conveyance Duty Rates

Threshold 2015-16
(%)
2016-17
(%)
2017-18
(%)
2018-19
(%)
2019-20
(%)
2020-21
(%)
2021-22
(%)
Up to $200,000 1.8 1.48 1.4 1.3 1.2 1.1 1.0
$200,001 to $300,000 3.0 2.5 2.4 2.3 2.2 2.1 2.0
$300,001 to $500,000 4.0 4.0 3.8 3.6 3.4 3.2 3.0
$500,001 to $750,000 5.0 5.0 4.78 4.56 4.32 4.1 3.9
$750,001 to $1,000,000 6.5 6.5 6.3 6.1 5.9 5.7 5.5
$1,000,001 to $1,454,999 7.0 7.0 6.8 6.6 6.4 6.2 6.0
$1,455,000 and above1 5.17 5.09 4.91 4.73 4.54 4.36 4.18

Note: 1 The $1,455,000 and above rate is a flat rate.

Table 9 Residential conveyance duty in 2011-12 and 2021-22

  2011-12 2021-22 (Stage 2)
Property value Duty ($) Duty ($) Reduction (%)
$300,000 9,500 4,000 -58
$400,000 15,000 7,000 -53
$500,000 20,500 10,000 -51
$600,000 26,250 13,900 -47
$700,000 32,000 17,800 -44
$800,000 37,750 22,500 -40
$900,000 43,500 28,000 -36
$1 million 49,250 33,500 -32
$1.1 million 56,000 39,500 -29
$1.2 million 62,750 45,500 -27

Table 9 shows that the conveyance duty payable on transactions on property below $500,000 will decrease by 51 per cent or more by the end of Stage Two of tax reform.

Properties below $500,000 account for about 60 per cent of residential transactions.

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