The 2018/19 Budget for the Australian Capital Territory was handed down by the State Government last week and there are a lot of winners, including:

  • First home buyers and commercial property owners: The ACT Government is committed to phasing out transfer duty on property transactions, starting with the abolishment of duty for first-home buyers (with a household income below $160,000) and commercial property transactions under $1.5m from 1 July 2018.
  • Seniors: The income threshold on the General Rates Aged Deferral Scheme will be removed, meaning that ACT residents over 65 and with at least 75 per cent equity in their home can defer rate payments until after their home is sold.