Vacant Land Principal Place of Residence Concession

If you are purchasing vacant land to build your home, then you may qualify for a Stamp Duty concession, the Principal Place of Residence concession. The State Revenue Office outlines you must move into your home either within 12 months of the date the occupancy certificate is issued or within 36 months of settlement (whichever occurs first).

If you are purchasing land but don’t plan to build on your land, then you cannot claim the Principal Place of Residence concession. If you are undecided on the timeframe of your build or have not started the process of finding the right builder then you can choose not to claim the exemption in case you don’t end up moving in within the timeframes indicated.

In the event you do claim the concession and your building plans change the State Revenue Office may issue a penalty and ask you to repay the concession amount you received. By choosing to not to claim the concession at settlement if you are undecided, after settlement if you meet the SRO timeline restraints for the concession you can claim a refund on the concession up to 5 years from when the full stamp duty was paid.

It is important to discuss your property intentions with your Property Lawyer to ensure the correct stamp duty concession is applied for at the time of your settlement.