Residential Properties
Stamp duty relief on residential property transactions of up to $1 million were announced by the Victorian Government announced on 23 November 2020.
A wavier of 50% for new residential properties and a wavier of 25% for existing residential properties is available on contracts entered into between 25 November 2020 until 30 June 2021
Commercial/Industrial properties in Regional Victoria
Stamp duty concessions of 50% previously to commence in mid-2023 have been brought forward to 1 January 2021. The concessions will be available to purchasers of commercial and industrial properties in Regional Victoria.
First Home Owner Grant (FHOG)
The FHOG if you are buying or building a new home (less than 5 years old) of $20,000 has been extended on properties purchased in Regional Victoria up to $750,000 ($10,000 for non-Regional Victoria).
Stamp duty exemptions/concessions for First Home Buyers
Stamp duty exemptions/concessions may also apply for First Home Buyers. If you are purchasing an existing home as a first home buyer you may be eligible for a stamp duty exemption on homes valued up to $600,000 or a stamp duty concession on homes valued between $600,000 and $750,000. These exemption/concessions apply to contracts entered into prior to 24 November 2020.
Stamp duty exemption/concession for Pensioners
A one-off pensioner exemption/concession applies to the purchase of homes valued up to $750,000 (with a full exemption for homes valued up to $330,000 and a concession on homes valued between $330,000 and $750,000).
Stamp duty exemption/concession for Young Farmers
Farmers aged below 35 years may be eligible for a duty exemption on the first $300,000 on farmland valued at less than $600,000 or for a duty concession on farmland valued between $600,000 and $750,000.
Visit the SRO website for more details or contact Fleur at Armour-Craig Legal on 5636 4986.