Temporary off-the-plan duty concession
On 21 October 2024, the Victorian Government announced a new temporary off-the-plan land transfer (stamp) duty concession.
The new Concession
The new concession will be available for off-the-plan purchases of new dwellings (including apartments and townhouses) within strata subdivisions where the Contract is entered into from 21 October 2024, for 12 months. The new concession is expected to be legislated shortly.
Timing of the concession
Eligibility is based on the date the contract of sale is entered into, irrespective of whether settlement occurs before or after the end of the 12-month window in which the concession applies.
Contracts signed before the commencement date of this concession, which settle during the 12-month window, are ineligible.
In the unlikely event of an off-the-plan Contract entered into on or after 21 October 2024 being settled prior to the concession being legislated, the purchaser will need to pay stamp duty and can apply for a refund when the measure becomes law.
Who may apply?
The concession will be available to all purchasers, including investors, companies, and trusts, meaning there would be no requirement to be eligible for either the principal place of residence duty concession or the first home buyer duty exemption or concession.
The existing off-the-plan concession for owner-occupiers and first home buyers will also continue to apply.
Please note: The concession does not apply to house-and-land packages.
Applying for the temporary off-the-plan concession
Generally, your conveyancer, solicitor, financial institution or their agent applies for the concession on your behalf through the State Revenue Office Digital Duties Form.
For more detailed information or to see if you qualify, it is advisable to consult with a legal professional or a conveyancer who can provide guidance based on your specific circumstances.
At the Tonkin Legal Group, we can assist you with your application for the “off the plan concession”. Please do not hesitate to contact Suzanna or Shelley of our conveyancing department.
