Stamp Duty Increase on Foreign purchasers of property
We wish to advise that the reported 3% stamp duty surcharge on foreign purchasers has been increased as per recent updates by the State Revenue Office for the state of Victoria only.
Please refer to the following for additional duty rates:
- For contracts, transactions, agreements and arrangements entered into on or after 1 July 2015 but before 1 July 2016:
- the additional duty rate is 3% (even if the settlement date is on or after 1 July 2016).
- For contracts, transactions, agreements and arrangements entered into on or after 1 July 2016:
- the additional duty rate is 7%
Stamp Duty – Which Method Will You Use? The Simple One, Or The Better One?
Napier & Blakeley strongly recommends the Better One.
The SRO in Victoria allows two methods for calculating stamp duty for Off the Plan Sales for development projects:
1. Fixed method
2. Alternative method
The government introduced the Fixed Method to simplify record keeping. In a Neat Trick however, the Fixed Method brings in more revenue to the SRO. Continue reading
