Stamp Duty Rates, Discounts & Grants Northern Territory NT
Update (10/06/2020): The Northern Territory State Government announced a new grant for home buyers and property investors in NT.
The Northern Territory (NT) currently provides two stamp duty discounts;
1. First Home Owner Concession
2. Principal Place of Residence Rebate (PPRR)
Note that you cannot claim both, you can only claim one.
In addition first home owners can claim the First Home Owner’s Grant (FHOG).
First Home Owner Concession
For conveyances dated on or after 4 May 2010, the FHOC is a reduction of up to $26,730off the normal stamp duty payable. This represents the stamp duty on the first $540,000 of the dutiable value of the property.
Principal Place of Residence Rebate (PPRR)
The Principal Place of Residence Rebate (PPRR) scheme is not means tested nor is there any limit on the purchase price or construction cost of the property. The PPRR is a reduction of up to $3,500.00 off the stamp duty liability disregarding the value or purchase price of a home. Escalating rate applies up to $525 000 of the dutiable value of the property (ie. the greater of the consideration paid or the unencumbered value of the property). Where the dutiable value is $525 000.00 or more, the rate of duty is 4.95% of that value.
First Home Owner’s Grant
You can get the ‘First Home Owner’s Grant’ of $7,000 only if:
- You plan on living in the property for at least 6 months
- The purchase price is less than $750,000
This grant is part of a federal government initiative and is offered Australia-wide.
Can I claim the First Home Owner’s Grant or receive a Stamp Duty Concession for an investment property?
No. To be eligible you must occupy the property as your principal place of residence for a continuous period of at least six months.
Stamp Duty Rates, Thresholds & Discounts NT
The Northern Territory (NT) Revenue Office likes to be slightly different and uses two formulas to calculate stamp duty.
Stamp Duty is calculated on the purchase price or unencumbered value of the dutiable property, whichever is the greater, as follows:
Where the dutiable value does not exceed $525 000 in accordance with the follow formula:
D = (0.06571441 x V2 ) + 15V
Where the dutiable value exceeds $525 000:
D = 4.5% x Dutiable Value
D = the duty payable in $
V = the dutiable value
Stamp Duty & Grants Calculator
Confused by the array of discounts, grants, rates etc.? Use our Free Online Stamp Duty & Government Grants Calculator to do the calculations for you!