On October 21, 2024, the Victorian Government introduced a new temporary stamp duty concession, making it easier for eligible off-the-plan property buyers to reduce their stamp duty liability. This initiative offers potential savings of tens of thousands of dollars to homebuyers in Victoria over the next 12 months. With the rising cost of living, stamp duty concessions can deliver additional budget to help you secure your home or furnish it to make it truly feel like yours.
What is the temporary off-the-plan duty concession?
This temporary concession allows buyers to deduct outlined construction costs from the property’s dutiable value, reducing the amount on which stamp duty is calculated. For eligible purchasers, it functions similarly to the existing off-the-plan concession, with the key difference being its broader eligibility, which includes all buyer types, not just owner-occupiers or first-home buyers. It is available for contracts signed between October 21, 2024 and October 21, 2025. Existing off-the-plan concessions will still apply, meaning purchasers eligible under the current duty concessions will continue to be so beyond this temporary concession.
Who is eligible?
To qualify for the temporary stamp duty concession, the property you’re purchasing must
meet the following conditions:
– Must be an off-the-plan dwelling within a strata subdivision, meaning the development
has shared features such as common driveways or facilities.
– The contract of sale must be signed within the specified 12-month period, starting from
October 21, 2024, regardless of whether settlement falls before or after October 21, 2025.
– The concession does not apply to house and land packages, which are considered
separate purchases for the purpose of duty calculation.
– Foreign buyers are not eligible for off-the-plan concessions for stamp duty in Victoria.
How to apply for the stamp duty concession.
Your conveyancer or solicitor typically handles the application for the stamp duty concession. They will use Duties Online to complete the Digital Duties Form, ensuring the eligible construction costs are accurately deducted. They’ll coordinate with the vendor or their representative, who provides the percentage of construction completed after the contract date to finalise your concession.
Save thousands on off-the-plan offers by Growland
If you’re considering an off-the-plan purchase in Victoria, now may be the time to explore your options. Be sure to consult with a property advisor or conveyancer to confirm your eligibility and understand how much you could save. The following properties are currently available and meet the requirements of the temporary duty concession.
Neue Grand by Growland
Neue Grand by Growland is a prestigious collector’s edition residence on Melbourne’s iconic boulevard, at the heart of the city’s arts and cultural district. This exclusive development offers unmatched luxury, featuring the southern hemisphere’s first sky garage residences, positioning it among top global residences in Miami and Singapore. Each floor holds a single, private residence, surrounded by Melbourne’s landmarks, parklands, and the bay. Designed with lasting quality and character, each home is a timeless collector’s piece and a new icon on St Kilda Road.
20 Levels, 18 Full-floor Prestige Residences, 1 Duplex Penthouse
613 St Kilda Road Melbourne Victoria
Under Construction
Anticipated to complete December 2024
Register your interest today.