Buying off the plan is when you enter into a contract or transfer to buy residential property where the home is to be erected or developed before the contract or transfer is completed.
A contract for the sale of vacant land is not eligible for off the plan.
If you buy a home off-the-plan which you intend to use as your main residence, you can defer your transfer duty liability for up to
You make your request when completing the mandatory purchaser/transferee declaration (for an individual or for a trust or company) which collects information to determine your eligibility for the duty deferral.
From July 2016 all purchasers and transferees must be non-foreign meaning you are considered one of the following:
From July 2017 investors are not eligible.
At least one purchaser or transferee must occupy the property as their main residence.
If you do not meet the residence requirement, you will be liable to duty as if the deferral did not apply. You will also need to pay interest for the period after three months from the date of the contract and penalty tax may apply.
If you could not find answers on this website to questions about buying off-the-plan and how to apply, contact us.