How will the new duty exemption / concession apply?
Eligible pensioners can only receive the exemption or concession once.
Stamp Duty Victoria, duty (or Stamp Duty) is charged on a range of different transactions in Victoria including: Transfers of Land, certain Leasing arrangements.In most cases, the dutiable value of a property is the price you pay for it minus any deductions (such as the off-the-plan concession).Examples of first-home buyer duty concession.This table gives you a guide on how the concession works.The 1 per cent initial level was raised to its current threshold at 125,000 in March 2006.Which concession cards are accepted?Residency requirement, at least one purchaser must use the home as a principal place of residence (their home) for a continuous period of 12 months, starting within 12 months of becoming entitled to possession of the purchased property (this normally occurs at settlement).
First-home buyers buying a home with a dutiable value from 600,001 to 750,000 will be entitled to a concessional rate of duty, calculated on a sliding scale.
However from September 15 first home buyers that purchase new homes will be eligible for a 10,000 first-home owner grant while those who purchase an caption contests uk existing home will only get 3,000.
More than 960,000.5 per cent of the dutiable value.Transfers of Motor Vehicles, declarations of Trust, land Rich Acquisitions.It is the first home for both of you.The home purchased must have a dutiable value: Of 600,000 or less to receive the exemption, From 600,001 and 750,000 to receive the duty concession.Owner Occupied or First Home Owner purchase for contracts entered into on or after : Dutiable Value Range, rate 0 - 25,000.4 per cent of the dutiable value of the property 25,001 - 130,000 350 plus.4 per cent of the dutiable value.You have a concession card but your partner does not.In this article we focus on the stamp duty on Transfers of Land (or Property).