Changes to the Off-the-Plan Duty Concession
From 1 July 2017, the availability of the stamp duty concession for off-the-plan purchases in Victoria will be restricted.
- Purchasers of off-the-plan commercial properties or residential investment properties (not yet constructed) will be liable to pay stamp duty on the purchase price or the market value of the property (whichever is greater).
- First home buyers of residential properties (not yet constructed) may be eligible for the off-the-plan duty concession.
- Purchasers of residential properties intended to be the principal place of residence (not yet constructed) may be eligible for the off-the-plan duty concession.
To read the entire article by Alex Swan, Associate of Madgwicks Lawyers, please click here.
Tags: stamp duty