State Revenue Office Changes – July 2017

If you are looking to purchase a residential property then you should be aware that the Victorian Government has now put in place several changes, which may assist in your decision making prior to signing a Contract.

The new changes will come in to effect on the 1st July 2017 and could affect you.

First Home buyers or investors looking to purchase property in particular, have been the mainstream group of people who will be affected by the changes.

Although you may not fall into one of these categories, it is always prudent that prior to signing any Contract, you receive pre purchase advice from an experienced Solicitor or a conveyancer under their direction, who deals with these matters on a daily basis.

We are more than happy to assist you with regard to any pre purchase queries you may have which could relate to your next purchase.

The Victorian State Government has introduced the following changes to commence on 1st July 2017,  with regard to tax and on stamp duty which relate to the following:

  1. Off the Plan stamp duty for investors not intending to purchase the property as their primary place of residence;
  2.  Certain matrimonial Transfers are no longer exempt from stamp duty;
  3. First Home Buyers – for some purchases will be abolished and/or reduced;
  4. Government Grant of $20,000.00 for First Homes buyers buying a new home within regional Victoria;
  5. A new tax is to be charged for certain vacant residential properties.

Each change has certain criteria which need to be met by the individual and again if you are not certain, please feel free to call or email us. Our experienced staff would be more than happy to assist you with any queries you may have.

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