Victoria Scraps Off-the-Plan Stamp Duty for One Year
The Victorian Government has announced a plan to supercharge housing supply by slashing stamp duty on off-the-plan properties for the next 12 months. This one-year stimulus aims to support the industry to deliver more homes for buyers and renters across the state. The concession is expected to cost the government $55 million.
What is off-the-plan stamp duty?
Stamp duty is a tax you pay the government when you buy property in Victoria. The amount of stamp duty you pay is calculated based on the property’s purchase price. Off-the-plan properties are properties that still need to be built. When you buy an off-the-plan property, you essentially buy the right to occupy it once it is built.
What are the benefits of the stamp duty concession?
The stamp duty concession is expected to benefit both buyers and renters. For buyers, the concession will make off-the-plan properties more affordable. This could encourage more people to buy off-the-plan properties, increasing housing supply in the long run.
The increased supply of off-the-plan properties is expected to put downward pressure on rents for renters. This is because more rental properties will be available, increasing competition among landlords.
Who is eligible for the stamp duty concession?
The stamp duty concession is available to all buyers of off-the-plan properties in Victoria. However, a few conditions must be met.
First, the property must be purchased between 1 July 2023 and 30 June 2024. Second, the property must be valued at less than $1 million.
How do I claim the stamp duty concession?
If you are eligible for the stamp duty concession, you must lodge a claim with the Victorian State Revenue Office (SRO) when you settle on the property.
