Stamp Duty
4. Stamp Duty in Victoria
Authors: Staff Legal Eagle
Firm / Chambers:
Last updated: 28 Aug 2015
- In Victoria the stamp duty payable depends on the nature of the transaction. It can be paid at a flat rate or can be based on the value of the transaction.
- The sale or transfer of an asset immediately gives rise to a liability to pay stamp duty that must be paid within 30 days of that date. If you fail to pay the duty before that deadline a tax default may arise.
- There are a number of concessions available for Victorians.
- First home purchasers are able to access a 40% stamp duty concession on properties between $200,000 and $600,000.
- Victoria also offers stamp duty exemptions and concessions for eligible pensioners. In order to be eligible you must hold an appropriate concession card at the time the property is transferred or purchased. This includes:
- a Health Care Card;
- a Pensioner Concession Card;
- a Commonwealth Seniors Health Card; or
- a Department of Veterans Gold Card.
- If you hold a concession card there is no stamp duty payable on residential homes up to the value of $330,000. A concession applies for properties between $330,000 and $750,000.
- Further information can be found at http://www.sro.vic.gov.au.
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