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Proposed stamp duty changes from 1 July 2017

Posted on: June 20 2017

Here is a helpful summary of the stamp duty changes which are anticipated to soon come into effect  (Source : State Revenue Office, Victoria)

The Victorian Budget 2017-18 includes a number of measures that impact legislation administered by the SRO.

These measures have to be approved by the Victorian Parliament before they can begin. You should only rely on the exact detail of them once the legislation is passed. This is likely to be in June 2017.

The SRO website will be updated with detailed information when it becomes available.

Victorian Budget 2017-18 announcements

Measure Expected start date
Land transfer duty (commonly known as stamp duty) to be abolished for first-home buyers purchasing a property up to $600,000, and a duty concession for first-home purchasesvalued from $600,001 to $750,000 Applies to contracts entered into from 1 July 2017
$20,000 FHOG to be available for homes built in regional Victoriaup to $750,000 Applies to contracts entered into from 1 July 2017 to 30 June 2020
Australian Defence Force (ADF) personnel to receive a special exemption from the FHOG residence requirement Applies to eligible transactions that complete on (and from) the day after the Bill receives Royal Assent
An exemption from insurance duty to apply to crops, livestock and agricultural machinery 1 July 2017
Off-the-plan concession to be retargeted to apply only to buyers eligible for the principal place of residence or first home buyer duty exemption/concession Applies to contracts entered into from 1 July 2017
Property transfers between spouses and de facto partners involving commercial and/or investment properties to no longer be exempt from land transfer duty (commonly known as stamp duty) Applies to contracts entered into from 1 July 2017

** Exemptions for the principal place of residence and for transfers following a relationship breakdown will remain in place

vacant residential property tax to be applied to certain properties in Melbourne 1 January 2018

 

Source: State Revenue Office, Victoria

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