Victorian Budget 2020-21 announcements

Posted on: | Category:

The Victorian Budget 2020-21 includes a number of announcements related to legislation administered by the State Revenue Office in relation to Land Tax and Stamp Duty.

The measures are listed here, along with their expected start date.

Land tax

A 50% land tax discount for eligible build-to-rent developments, including an exemption from the absentee owner surcharge, until 1 January 2040 — expected start date 2022 land tax year. A land tax exemption for land owned and occupied by not-for-profit clubs that provide for the social, cultural, recreational, literary or educational interests of their members — expected start date 2021 land tax year.

Land transfer (stamp) duty

Bringing forward the 50% land transfer (stamp) duty concession for commercial and industrial properties in regional Victoria — applies to contracts entered into on or after 1 January 2021. A land transfer (stamp) duty waiver of up to 50% on purchases of residential property in Victoria with a dutiable value of up to $1 million — applies to contracts entered into on or after 25 November 2020 and before 1 July 2021.

Central Victorian Conveyancer

At Central Victoria Conveyancing, as Victorian farmers and former city dwellers, we understand all your Victorian country, suburban and city property concerns. We are with you all the way through your transaction, we are always available to discus any concerns or questions you may have in a friendly and easy to understand way with no unnecessary legal jargon.

Our Advantages

Whether you are a first home buyer or looking to upsize or down size from your current home, a business looking to buy or sell, a developer looking to subdivide, an investor looking for your best options, or a farmer selling land ( we can help with water shares too), our team at Central Victoria Conveyancing can help you with advice and legal professional property services to suit your requirements and needs.

Contact Us
📍 31b High Street, Lancefield, VIC, Australia 3435
📞 (03) 5429-2073
📠 no fax available
📱 0419-581-844 (Clare de Kok)
📱 0430-225-348 (Clare Spicer)
✉️ office@cvcproperty.com.au

Liability limited by a scheme approved under professional standards legislation

© 2021 Central Victoria Conveyancing Contact Us