To be eligible for a principal place of residence (PPR) concession, applicants must:
- be a natural person,
- occupy the land as their principal place of residence for a continuous period of at least 12 months,
- be aged at least 18, and
- be a bonafide purchaser for adequate consideration (not applicable for the spousal exemption).
The PPR concession reduces the duty payable by up to $3100 where the dutiable value is more than $130,000 but not more than $550,000.
A PPR concession application must include the following forms as part of the supporting documentation for the transfer:
- Form 53C – where contracts are entered into prior to 1 July 2013 and settled between 1 July 2012 and 1 July 2013 this form is also used to claim the First Home Buyer Duty Reduction for the same period.
- Form 53D - where contracts and settlements occurred on or after 1 July 2013 and the applicants wish to claim the PPR concession only.
- Form 61 - where contracts are entered into and settled after 1 July 2013 and the applicants wish to claim the First Home Buyer Duty Reduction.
For contracts or transfers dated on or after 1 July 2017, this information is obtained via the digital duties form. Please refer to the Settlement Statement under question – Concessions/Exemptions - Do you intend to occupy the property as your Principal Place of Residence (PPR)?