On the 21st of October 2024, the Victorian government announced a ‘temporary off-the-plan land transfer (stamp) duty concession’. The measure is part of the Government’s response to the housing crisis and aims to stimulate new housing supply.
The concession will run for twelve (12) months from the announcement date and allows purchasers to remove any construction costs incurred on or after the day the contract is signed from their stamp duty calculations, significantly reducing stamp duty.
To be eligible for this concession, you must satisfy two requirements:
- The purchased property must be in a strata subdivision containing common property (such as a shared driveway).
- The contract of sale must be signed on or after 21 October 2024. Settlement dates are not relevant to eligibility.
This concession will include investors, and there is no restriction on the price of the property. Existing concessions for owner-occupiers, off-the-plan land, and first-home buyers continue to apply. However, the concession does not apply to the foreign purchaser’s additional duty, calculated before off-the-plan concessions may be applied.
For further information on the temporary off-the-plan duty concession, please contact us at property@ballaratlawyers.com.au or on 5303 0281.
For more information on our conveyancing arm, click here.
The information on this website is general only. It is not legal advice, nor is it intended to be. You should consult a lawyer for individual advice about your particular circumstances.
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