Did you know that the stamp duty exemption for new residential buildings is about to change?
The Victorian Government has announced that the off-the-plan concession is being retargeted and will now only apply to buyers who occupy the property as their principal place of residence (PPR).
Essentially, the off-the-plan concession will only be relevant to determining “dutiable value” for the purpose of the PPR duty concession, the new first-home buyer duty exemption or the new first-home buyer duty phase-in concession.
This change will apply for contracts entered into from 1 July 2017.
This is a section of text off the Victorian Governments Website. What this means is that if you are considering building an investment property you need to get in before the off the plan stamp duty concession is a thing of the past. This could save you up to $16,000 in stamp duty.