Stamp Duty Saving |
The way that Stamp Duty is charged in Victoria depends on the nature of the transaction. It can either be charged at a flat rate or based on the value of the transaction. The Victorian government provides an “off-the-plan” concession which allows a deduction from the contract price of the cost of construction or refurbishment which occurs on or after the contract date.
Effectively, you only pay duty on the improved value of the land, the non-deductible costs and the completed construction or refurbishment including GST as at the contract date. It is one of the many incentives that make up the Government’s package of housing affordability measures.
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