Victorian Budget 2020-2021 Announcement

The Victorian Budget 2020-2021 includes a number of announcements related to legislation administered by the State Revenue Office. Find out more below.

LAND TRANSFER (STAMP) DUTY

1. Bringing forward the 50% land transfer (stamp) duty concession for commercial and industrial properties in relation Victoria—applies to contracts entered into on or after 1 January 2020.

2. A land transfer (stamp) duty waiver of up to 50% on purchases of residential property in Victoria with a dutiable value of up to $1 million—applies to contracts entered into on or after 25 November 2020 and before 1 July 2021.

• 50% discount will apply to newly built homes valued up to $1 million; and

• 25% discount will apply to existing homes valued up to $1 million.

COMMON QUESTIONS

Does the land transfer (stamp) duty waiver of up to 50% apply to only primary place of residences or investment properties also?

This is yet to be clarified by the Victorian Government and State Revenue Office.

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.

Have some more questions? Contact us for more information.