Land transfer duty, often called stamp duty, is generally payable when property is transferred. The State Revenue Office may apply a concession or exemption where the statutory requirements are met. A first home buyer may pay no duty on a qualifying home with a dutiable value up to $600,000, or reduced duty where the value is above $600,000 and up to $750,000. A principal place of residence concession may be available for an eligible home valued up to $550,000. These thresholds and eligibility rules should be checked against the contract date and current State Revenue Office guidance.
An eligible pensioner may qualify for a separate duty reduction, subject to the applicable requirements and rules about choosing between benefits. An off-the-plan concession may reduce the dutiable value by excluding qualifying construction costs incurred after the contract date. A temporary off-the-plan concession is currently available for qualifying apartment and townhouse purchases under contracts entered into on or after 21 October 2024 and before 21 April 2027. The rules differ from the general off-the-plan concession, and foreign purchaser additional duty is calculated separately.
The Digital Duties Form records the information needed for the State Revenue Office to assess duty and any claimed benefit. Purchasers must provide accurate information about the transaction, ownership and intended occupation.
CMK Legal's property and conveyancing team can act on matters like this.
Do not calculate duty solely from the contract price or assume the lowest duty outcome applies automatically. The dutiable value, contract date, ownership structure, occupancy plan and eligibility for each concession must be checked.
Law referenced: *Duties Act 2000* (Vic). Current official guidance: https://www.sro.vic.gov.au/buying-property/land-transfer-stamp-duty/concessions-exemptions-and-waivers