Hello, Everyone.
Does any one know whether the Stamp Duty on property in Victoria will still be effective next year? I thought I read somewhere in the newspapers which said that there will be no more such duty, but I don't remember from which year or whether what I read was true.
And if the Vic Gov't is really scrapping off this duty, what are they planning to substitute this duty with?
Thank you.
Regards,
Jenny111
I haven't heard of anything, but I am based in NSW so that doesn't mean much!
In NSW stamp duty is due to be abolished on the transfer of units in unit trusts and shares in private companies from next july. Maybe it was this you thinking of?? Abolishing stamp duty will be a huge revenue loss for the govt so hard to see it happening.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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I haven't heard any such thing. I remember reading some nonsense speculation in a mainstream newspaper that went something like this: Hey, maybe the government will scrap stamp duty…. but then there would be a need to put land tax on all properties. Same same. Tax is tax is tax.
Jacqui Middleton | Middleton Buyers Advocates
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Hey Jenny,
I don't know about a total abolition of stamp duty in Vic, but I am aware of changes to stamp duty concessions for First Home Buyers in Victoria over the next couple of years.
"The duty reduction of 50 per cent will be phased in over four years, with a 20 per cent reduction on 1 July 2011, followed by additional 10 per cent reductions on 1 January 2013, 1 January 2014 and 1 September 2014."
You can check out more about the gradual reduction of stamp duty for first home buyers in VIC on this page from the Victorian State Revenue Office
Jenny111,
Are you sure you aren't getting it confused with stamp duty concessions for first home buyers? Currently at 20% discount up to $600K purchases, then 30% at the start of 2013, 40% at the start of 2014, and 50% as of 1st Sept 2014.
This has been in effect for over a year now. I doubt they would go to all this trouble in timing the different phases, and then scrap it at the beginning of next year for the benefit of everyone.
Thanks, Everyone.
It must have been the Stamp Duty 'concessions' for first home buyers then. I was really hoping the Stamp Duty on Property or on Mortgage (whichever it was) be abolished altogether.
Regards,
Jenny111
For a nanosecond I thought I had died and went to investor heaven there.
Wish they would Victoria and I would become best of friends
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Wish they would Victoria and I would become best of friends
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
I think you may find that even if they did drop stamp duty house prices would rise as a result effectively leaving purchasers in the same affordability postilion
possumpal wrote:I think you may find that even if they did drop stamp duty house prices would rise as a result effectively leaving purchasers in the same affordability postilionThis is exactly why I had a brief moment of joy when I read the post headline.
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