Question of stamp duty exemption

Discussion in 'Legal Issues' started by Vahid, 10th Jan, 2018.

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  1. Vahid

    Vahid New Member

    Joined:
    10th Jan, 2018
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    1
    Location:
    Melbourne
    Hi,

    I live in Victoria and I have booked a land in June 2016. The settlement is at the end of this month (Jan 2018)
    Will I be eligible for the stamp duty exemption?
    This will be my first home/land and I intend to use it as my primary residence.

    Thanks
    Vahid
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    18th Jun, 2015
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    41,670
    Location:
    Australia wide
    Seek legal advice or look at the legislation.
     
  3. Simon Moore

    Simon Moore Residential & Commercial Mortgage Broker Business Member

    Joined:
    4th Mar, 2016
    Posts:
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    Location:
    Level 2 287 Collins St Melbourne VIC 3000
    Did you use a conveyancer or solicitor for the purchase? If you ask them they will be able to look at your individual circumstances and let you know if you are eligible.
     
  4. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

    Joined:
    25th Jun, 2015
    Posts:
    711
    Location:
    Melbourne
    The contract date (not the settlement date) determines your entitlement to the stamp duty exemption.

    Contract signed before 1 July 2017 = old rules (50% discount up to $600K, not all claimable upfront when buying land)

    Contract signed after 1 July 2017 = new rules (no stamp duty up to $600K, discount up to $750K, may be all claimable upfront)
     
    Last edited: 24th Jan, 2018
    Terry_w and Jess Peletier like this.

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