In response to the recent stamp duty changes for first home buyers, the Conveyancing details table has been updated to reflect the threshold changes to the First Home Buyer Assistance (FHBA) scheme.
To cater for these changes that now provide for different thresholds for existing and new private dwellings, the drop-down list for Property Type now provides the option to select Private Home – New, Private Home – Existing or Vacant Land. As per the annotation next to this dropdown list, if no options are selected then the Property Type will be assumed to be Private Home – Existing.
Please also ensure that if the FHBA concession applies, that Yes is selected for Eligible for Stamp Duty Reduction. In addition to the above, we have also added explanatory text regarding the threshold changes for FHBA that apply to contracts dated between 1 August 2020 to 31 July 2021.
If you are unable to see the updates, we recommend restarting LEAP before reopening your Conveyancing & Property matter/s.
*Please ensure that an Exchange Date has been entered in Calendar & Tasks so as to allow correct stamp duty calculations as applicable at the time the contract was exchanged.
*All Stamp Duty payable figures are inclusive of the $20 for Duplicate documents and transfer fees unless the checkbox Fees to be excluded (in the first tab of the Conveyancing details layout) has been ticked .