New stamp duty rules in Victoria begin tomorrow

Discussion in 'Accounting & Tax' started by KateAshmor, 30th Jun, 2017.

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  1. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

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    From tomorrow (1 July) no stamp duty will be payable for first home buyers on properties purchased for up to $600,000. You must move into the property within 12 months of settlement. Purchasers of land will receive a refund of stamp duty paid after the house commences construction.

    A sliding discount scale applies to first home buyers for properties purchased for between $600,001 and $750,000. The stamp duty calculator on the State Revenue Office website has been updated and the sliding scale is as follows:


    Owners occupiers (not first home buyers) who purchase a property to live in will still receive up to a $3,100 discount on stamp duty, known as the Principal Place of Residence Concession. This is unchanged from pre 1 July 2017.
     
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Finally. I've been trying to figure out what the rates will be for months now. Thanks Kate!
     
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  3. Ross Forrester

    Ross Forrester Well-Known Member

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    Thanks Kate - it is great to have a Vic lawyer on the forum.
     
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  4. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    Nice post Kate. Very timely too :)
     
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  5. Fernfurn

    Fernfurn Well-Known Member

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    this has already raised the price of fhb houses by far more than the stamp duty per last nights news where a re said a house expected to go for $580 - $590 but not expected to reach $600 went for $620