On Tuesday 24.5.16, the NT Treasurer delivered the NT Budget 2016-17 announcing a 50% stamp duty discount for first home buyers on the purchase of an established home. The discount will be capped at $10,000. It will apply to contracts entered into on or after 24 May 2016 until 30 June 2017. It is the discount that is capped at $10,000 so that the original amount of duty would have been $20,000, which corresponds to a market value of $449,230.

This is further explained by Revenue Circular RC-GEN-017 issued by the The Territory Revenue Office (TRO).

The relevant legislation: Stamp Duty Amendment (First Home Owner Discount) Bill 2016 (NT) was introduced the next day.

[LTN 99, 25/5/16]