Buyers of residential property may be eligible for stamp duty waiver of up to 50% of duty payable on property purchases. The concession applies to contracts entered into from 1 July 2021 to 30 June 2022 and is subject to conditions.
This concession is a temporary measure and is available for purchasers who intend to buy property for investment purposes as well as principal places of residence.
The purchase must be:
- a residential property
- with a home on the land
- with a dutiable value of up to $1 million
- located within the City of Melbourne local government area.
The 50% concession applies after all other eligible benefits, such as the first home buyer duty concession, the principal place of residence concession (including any off-the-plan concession), and the pensioner concession have been taken into account.
Foreign purchasers are also entitled to the concession or exemption, but it does not apply to the additional duty component.
A full exemption is available for new residential properties that have remained unsold for 12 months or more since completion of construction. It applies to contracts entered into from 21 May 2021 to 30 June 2022.
Contact our Conveyancing & Property Team to discuss further on 03 9614 7111 or email at melbourne@nevettford.com.au.