When you buy, sell or build a new home, various taxes and charges apply.
This may include Goods and Services Tax (GST). Introduced on 1 July 2000, GST is a 10 per cent tax on the supply of goods and services. It applies to some financial services and some types of property purchases.
GST is not charged on:
the purchase of an existing home
residential rent
home loan fees and application fees
the sale of a house by a private owner.
GST is charged on:
the purchase of a new home
the purchase of land from a registered builder
home renovations and repairs
services associated with purchasing a home such as inspections, conveyancing and solicitors.
First Home Owners Grant scheme
To help offset the impact of GST on home buyers, the Federal Government introduced the First Home Owners Grant scheme. All eligible
first home buyers receive a one-off, non-means tested $7000 grant towards the purchase of their property (land, new house and land package or established home).
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