Victorian Land Transfer Duty Waiver ends

Victorians are facing higher rates of stamp duty after the end of the Victorian Government’s Land Transfer Duty Waiver.

The Land Transfer Duty Waiver was introduced as a coronavirus relief measure and applied to the purchase of residential property valued up to $1 million between 25 November 2020 and 30 June 2021 and allowed purchasers to receive the following waiver of their stamp duty liability:

• New residential properties - a 50% land transfer duty waiver.

• Existing residential properties - a 25% land transfer duty waiver.

• Vacant residential land - a 25% land transfer duty waiver.

Although the Land Transfer Duty Waiver is no longer available, Victorians are still able to access a range of stamp duty exemptions and concessions including:

• First home buyer duty exemption or concession - a duty exemption on the purchase of residential property valued up to $600,000 and a duty concession on property valued up to $750,000 for eligible first home buyers.

• Principal place of residence concession - a duty concession on the purchase of residential property valued up to $550,000 for purchasers who use the property as their principal place of residence for a continuous period of 12 months commencing within 12 months of settlement.

• Pensioner duty exemption or concession - a duty exemption on residential property valued up to $330,000 and a concession on residential property valued up to $750,000 for eligible pensioners.

• Off-the-plan duty concession - a duty concession for purchasers buying land and building packages ‘off-the-plan’.

Please contact us if you would like to discuss the operation of stamp duty in Victoria or any stamp duty concessions or exemptions that may be available to you on your next purchase.