The ACT Budget 2013-14 was delivered Tue 4.6.2013.
The ACT Treasurer Andrew Barr announced that the ACT Government was accelerating the abolition of conveyance duty on transactions valued over id=”mce_marker”.65m. A flat 5.5% rate will apply.
Mr Barr also announced that from 1 July 2013, duty on insurance premiums will be cut by a further 20%. He said insurance tax will be completely abolished by 1 July 2016.
From 1 September 2013, the Budget announced that the ACT First Home Owner Grant will increase to id=”mce_marker”2,500 and will be targeted to new and substantially renovated properties only.
The Home Buyer Concession Scheme will also be further expanded – from Wed 5.6.2013, the income threshold will rise from id=”mce_marker”50,000 to id=”mce_marker”60,000 per household. The property threshold for which a full concession is available will increase to $425,000, with a partial concession up to $525,000.
The Land Rent Scheme will also be re-targeted to lower income households – from 1 October 2013, it will only be open at the concessional 2% rate.
[LTN 106, 4/6]