Victorian Stamp Duty Waiver Update

Written By Rachel Quagliani

The Victorian Government has announced a land transfer (stamp) duty waiver for purchases of Victorian residential property with a dutiable value of up to $1 million.

LAND TRANSFER (STAMP) DUTY

  • New residential properties — a 50% stamp duty waiver will apply

  • Existing residential properties — a 25% stamp duty waiver will apply

  • Vacant residential land — a 25% stamp duty waiver will apply

ELIGIBILITY

  • Contract must be entered into between 25 November 2020 and 30 June 2021

  • Dutiable must be $1 million or less

  • Property must be a residential property

  • The arrangement must be a bona fide purchase for adequate consideration (meaning not a gift or less than market value)

COMMON QUESTIONS

Does the land transfer (stamp) duty waiver apply to investment properties?

Yes. The land transfer (stamp) duty waiver applies to investment properties also.

Can I cancel my contract and enter into a new contract, or amend my contract date, so I can claim the land transfer (stamp) duty waiver?

No. This would be considered fraudulent activity.

Need more clarity? Contact our friendly team to discuss.

Rachel Quagliani https://www.rachelquagliani.com
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