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Stamp Duty Changes from 1 July 2017

Stamp Duty Changes from 1 July 2017

The Victorian government has implement a range of Conveyancing related changes that Low Cost Conveyancing has been abreast of.

One that will affect a few of our clients is that spousal transfers of property other than the principal residence (your home) will attract stamp duty from 1 July unless there is a court order.

Other changes are as below.

Victorian Budget 2017-18 announcements

Measure Expected start date
Land transfer duty (commonly known as stamp duty) to be abolished for first-home buyers purchasing a property up to $600,000, and a duty concession for first-home purchases valued from $600,001 to $750,000 Applies to contracts entered into from 1 July 2017
Note: From 1 July to 28 July 2017 inclusive, transactions affected by the 2017-18 Victorian Budget announcements must be lodged as an SRO duty determination via Duties Online
$20,000 FHOG to be available for homes built in regional Victoria up to $750,000 Applies to contracts entered into from 1 July 2017 to 30 June 2020
Australian Defence Force (ADF) personnel to receive a special exemption from the FHOG residence requirement Applies to eligible transactions that complete on (and from) the day after the Bill receives Royal Assent
An exemption from insurance duty to apply to crops, livestock and agricultural machinery 1 July 2017
Off-the-plan concession to be retargeted to apply only to buyers eligible for the principal place of residence or first home buyer duty exemption/concession Applies to contracts entered into from 1 July 2017
Note: From 1 July to 28 July 2017 inclusive, transactions affected by the 2017-18 Victorian Budget announcements must be lodged as an SRO duty determination via Duties Online
Property transfers between spouses and de facto partners involving commercial and/or investment properties to no longer be exempt from land transfer duty (commonly known as stamp duty) Applies to contracts entered into from 1 July 2017
** Exemptions for the principal place of residence and for transfers following a relationship breakdown will remain in place
Note: From 1 July to 28 July 2017 inclusive, transactions affected by the 2017-18 Victorian Budget announcements must be lodged as an SRO duty determination via Duties Online
A vacant residential property tax to be applied to certain properties in Melbourne 1 January 2018
Centralising the valuation function with the Valuer-General, with property valuations to be undertaken annually instead of every two years 1 January 2019
New passenger vehicles to be subject to the same motor vehicle duty rates as used passenger vehicles 1 July 2017
Payroll tax threshold changes will be brought forward by one year to reach $625,000 for 2017-18, and increase to $650,000 in 2018-19 1 July 2017 and 1 July 2018
Payroll tax rate paid by regional Victorian businesses to be reduced by 25 per cent, down to 3.65 per cent, where at least 85 per cent of their payroll goes to regional employees

Disclaimer: No information provided on the Low Cost Conveyancing web site is (intended) to be construed as legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Low Cost Conveyancing web site to your particular circumstances. It is recommended that anyone reading this information should seek legal advice from a solicitor.