Who is eligible for stamp duty exemption Vic?
If you buying your first home you might be eligible for stamp duty exemption. The current Victorian policy says that if this property is your principal place of residence and you live in it for at least twelve months, you will pay no stamp duty when you buy a property for $600,000 or less.
Will stamp duty be abolished in Victoria?
Shadow Treasurer Jim Chalmers has come out in support of a national scheme to do away with land tax and stamp duty, days after the Victorian government announced that it will move to lift stamp duty and land tax rates across the state in a bid to narrow its budget deficit.
How do I avoid land tax in Victoria?
If your home is the only property you own you will not pay land tax because your home (principal place or residence) is exempt. You pay land tax if the total taxable value of all the Victorian land you own, individually or jointly, as at 31 December, is equal to or exceeds $250,000 ($25,000 for trusts).
How do I pay stamp duty in Victoria?
In Victoria you have to pay stamp duty within 30 days of settlement. However, if you are settling electronically your stamp duty may be payable on the day of settlement. This means you need to make sure you budget for stamp duty on top of your deposit, mortgage, building inspection, moving costs and other expenses.