Land Transfer Stamp Duty
This calculator works out the land transfer duty (previously stamp duty) that applies when you buy a Victorian property based on:
The date of the contract for your property purchase or if there is no contract, the date it is transferred.
The dutiable value of the property (generally, the purchase price or market value at time of contract, whichever is greater).
If they apply, this calculator factors in the:
- Residential property waiver of up to 50% on purchases of residential property in Victoria with a dutiable value of up to $1 million, applying to contracts entered into on or after 25 November 2020 and before 1 July 2021.
- Regional commercial, industrial and extractive industries property concession.
- Foreign purchaser additional duty.
- Principal place of residence concession.
- First home buyer duty exemption, concession or reduction.
Duty is calculated on a sliding scale, this amount may vary if you are a foreign purchaser or are entitled to any exemptions or concessions.
Click on the source link at the bottom of the page for more information
Registration on title
When you buy land, settlement is the final stage in the conveyancing process. At settlement, all parties meet to exchange funds, the transfer of land, certificate of title, and other documents.
The land transfer and title certificate are registered at Land Use Victoria, usually at settlement.
We strongly recommend that buyers ensure they are registered on title as the land owner as this proves their legal ownership of the property. If you have been registered as the owner, a title search will show your entitlement to the land, and any interests and rights affecting it.
There have been instances where property buyers have not been registered on title for many years, despite thinking otherwise. You can search for titles and property certificates online, or in person at Land Use Victoria. Please note that fees apply.
Terms and conditions
- This calculator should only be used for reference purposes.
- While the State Revenue Office makes every attempt to ensure the accuracy and reliability of the automatic calculations provided through this service, you will acknowledge that there may be instances where the SRO is required to recalculate the figures submitted for assessment.
- These terms and conditions of use should be read in conjunction with the disclaimer contained in the website.
- There may be certain components in the calculator which may be the subject of other intellectual property rights reserved by the State Revenue Office or other third parties. No licence is granted in respect of these intellectual property rights.
- Any copies of the information, products, technology or processes must retain copyright and other intellectual property notices contained in the original material.
For the Full Article please refer to the link below.
Source: https://www.sro.vic.gov.au/calculators/land-transfer-calculator
