UncategorisedStamp Duty reductions

25 November 2020

Victorian State Revenue Office. A stamp duty waiver of up to 50% on purchases of residential property in Victoria with a dutiable value of up to $1 million, applying to contracts entered into on or after 25 November 2020 and before 1 July 2021. A waiver of 50% is planned for new build and “off-the-plan” residential properties, and 25% for existing residential properties.

  • Stamp duty on $1M = $50,000
  • After 25% discount = $37,500
  • Reduction or savings = $12,500

Expect this to apply to contracts from 25 Nov 2020