Blog Article: VIC - Stamp duty updates

VIC - Stamp duty updates

30/07/2021
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Updates have been made to the VIC Quick Calculator and the Conveyancing details table in VIC Conveyancing & Property matters to reflect the newly introduced (temporary) land transfer duty (stamp duty) concessionsfor new residential property within theCity of Melbourne local government area with a dutiable value up to $1 million as well as the new premium stamp duty rate for property transactions above $2 million. The new concession (applicable to contracts entered into on or after 1 July 2021 and on or before 30 June 2022 and where properties have been unsold for less than 12 months) and exemption (applicable to contracts entered into on or after 21 May 2021 and on or before 30 June 2022 and where properties have been unsold for at least 12 months) can be calculated by selecting the relevant options now available. VIC Quick Calculator

Conveyancing details table

Please ensure that theContract Datehas been entered in your matters (under theCalendar & Tasks tab) so that the correct amounts are calculated for the City of Melbourne LGA concession or exemption, or where relevant, the new premium stamp duty rate.