News & Updates
** Watch this space for information on the abolition of stamp duty for first home buyer from 1 July 2017 **
NSW Swimming Pool legislation
DO YOU HAVE A SWIMMING POOL ON YOUR PROPERTY?? IF SO, THERE ARE SOME IMPORTANT CHANGES TO NSW SWIMMING POOL LAWS THAT YOU NEED TO BE AWARE OF! PLEASE READ ON FOR MORE DETAILS:
There have been some changes to the swimming pool compliance laws. From 29 April 2016, if you have a swimming pool at your property then you will be required to obtain a swimming pool compliance certificate from council for inclusion in your contract prior to selling.
ALL pool owners are required to register their pool in the online register. A $220 penalty will apply to anyone failing to register their pool. The web address for the register will be: www.swimmingpoolregister.nsw.gov.au
When registering your pool, pool owners will be required to self‐assess and state that, to the best of their knowledge, their pool complies with the Australian standards. For further information see the checklists on the register site: http://www.swimmingpoolregister.nsw.gov.au/checklists. On that page there are links to self assessment checklists.
You will then need to contact local council to have them assess the pool and provide you with a swimming pool compliance certificate. This process could take several months to complete, so we suggest that you contact council as soon as possible.
NSW First Home Owner Grant (New Homes) scheme
From 1 January 2016, the First Home Owner Grant (New Homes) Scheme is $10,000.
First home owners who purchase or build a new home where the eligible transaction commencement date (contract date) is on or after 1 January 2016 will be eligible for the $10,000 grant.
For more information, see the First Home Owners Grant Scheme.
NSW New Home Grant scheme
From 1 July 2012 a $5,000 grant will be available to buyers of new homes, whether off the plan or newly built, and to buyers of vacant land that is intended to be the site of a new home. For vacant land, construction must begin within 26 weeks of completion of the purchase.
A purchaser under the scheme can be any entity, including a natural person, a company or a trustee of a trust and is available to investors as well as owner occupiers.
Payment of the grant will be administered by way of applying the amount of the new home grant as a credit against liability for duty on the agreement for sale or transfer. However, if the total amount of duty is paid, or there is a balance of grant owing, a payment will be issued by cheque upon completion of the purchase (i.e. the registration of the change of title).
For more information, see the NSW New Home Grant Scheme.
NSW First Home-New Home scheme
The First Home-New Home scheme provides eligible purchasers with exemptions on transfer duty on new homes valued up to $500,000 and concessions on transfer duty for new homes valued between $500,000 and $600,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $300,000 and will receive a concession on duty for vacant land valued between $300,000 and $450,000.
First Home-New Home exemptions or concessions do not apply to the purchase of an existing dwelling.
For more information, see the First Home – New Home Scheme.