Stamp duty concession for investors. The Victorian Government through the State Revenue Office has announced a land transfer (stamp) duty waiver for purchases of Victorian residential property with a dutiable value of up to $1 million.
Please take some time to view the link State Revenue Office.
Stamp duty concessions – here is a snapshot:
- For new residential properties, a 50% land transfer duty waiver of the duty otherwise payable applies.
- For existing residential properties, a 25% land transfer duty waiver of the duty otherwise payable applies.
- For vacant residential land, a 25% land transfer duty waiver of the duty otherwise payable applies.
The waiver applies after all other eligible benefits, such as the first home buyer duty concession, the principal place of residence concession and the pensioner concession, have been taken into account. However, the waiver does not apply to foreign purchaser additional duty.
We recommend consulting your solicitor before purchasing to ensure the property you are looking to buy qualifies for the above waivers. If you are looking to buy a brand new or off the plan property, please don’t hesitate to contact us. We specialise in helping source property for buyers.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
December 2020
