Stamp Duty Victoria (VIC)

Stamp Duty Calculator

Stamp duty calculator VIC calculates stamp duty for properties or land bought in Victoria (VIC) only. If you wish to calculate stamp duty in other states, please use:

Stamp Duty Calculator

Our calculator already updated with the 50 per cent discount on stamp duty for first home buyers as of 1st September.

Stamp Duty Victoria

Duty (or Stamp Duty) is charged on a range of different transactions in Victoria including:

  • Transfers of Land
  • Certain Leasing arrangements
  • Transfers of Motor Vehicles
  • Declarations of Trust
  • Land Rich Acquisitions
  • Livestock sales

Duty is also charged on General Insurance, Life Insurance and the Transport Accident Charge. In this article we focus on the stamp duty on Transfers of Land (or Property).

All transfers of land (including gifts) attract stamp duty in Victoria. Unless an exemptions or concession applies, the transaction is charged with duty based on the greater of the market value of the property, or the consideration (price paid) - including any GST.

When is stamp duty payable in VIC?

The purchaser or transferee is liable to pay the duty.

Until recently duty was payable within 3 months of settlement. However on 29 November 2011 Victorian Government introduced changes to the Duties Act 2000 to reduce the period for the payment of duty. The time period for paying duty and lodging documents will be reduced from 3 months to 30 days.

For dutiable transactions (generally, this is the date of settlement) occurring before 1 April 2012, the time period for paying duty is 3 months. For dutiable transactions occurring on or after 1 April 2012, the time period for paying duty is reduced to 30 days.

Transitional period

In recognition of the change in the period for payment of duty from 3 months to 30 days, the Victorian State Revenue Office is instituting a transitional period from 1 April 2012 to 30 June 2012 which will include the following elements:

  1. No penalty tax will be imposed for late payments of duty during the transitional period,
  2. No premium interest will be imposed for late payments of duty during the transitional period, and
  3. Market interest will be imposed on late payments of duty unless the customer (or his or her representative) is able to demonstrate that there were circumstances beyond his or her control that led to the late payment. These situations will be considered on a case-by-case basis.

Stamp Duty Victoria - exemptions and concessions

There are a number of exemptions and concession from duty available. Most common stamp duty reductions are for First Home Buyers and pensioners.

First Home Buyers

For settlement dates on or after 1 July 2011, transfer duty rates will be reduced for eligible first home buyers purchasing their principal place of residence (PPR) valued up to $600,000.

Transfer Duty will be reduced by 20 per cent on 1 July 2011, followed by additional 10 per cent cuts on 1 January 2013, 1 January 2014 and 1 September 2014, totalling a cumulative 50 per cent reduction for settlement dates on or after 1 September 2014.

Duty savings to first home buyers:

Value of PropertyPresent Stamp Duty (Principal Place of Residence)20% Reduction - Duty Payable20% Reduction - Saving50% Reduction - Duty Payable50% Reduction - Saving
$200 000$6 370$5 096$1 274$3 185$3 185
$300 000$11 370$9 096$2 274$5 685$5 685
$400 000$16 370$13 096$3 274$8 185$8 185
$500 000$21 970$17 576$4 394$10 985$10 985
$565 000$28 970$23 176$5 794$14 485$14 485
$600 000$31 070$24 856$6 214$15 535$15 535

To be eligible for the duty reduction, the first home buyer must have received or be entitled to receive the First Home Owner Grant and must also reside in the property for a continuous period of 12 months commencing within 12 months of settlement.

Pensioners

Eligible pensioners are entitled to the exemption or concession. Eligible pensioners must:

  • hold one of the relevant concession cards at the date of the transfer, being the settlement date.
  • purchase the property for market value, and
  • intend to reside in the home as their principal place of residence.

The home may be an existing home, a home built under a house and land package (where the person who sells you the land also builds the home as part of the agreed price), or a home that is built within three years of acquiring the land.

Eligible pensioners can only receive the exemption or concession once.

Which concession cards are accepted?

  • Health Care Card (Centrelink)
  • Repatriation Health Card
  • Pensioner Concession Card
  • Commonwealth Seniors Health Card

Exemption or concession thresholds for pensioners.

For contracts entered into on or after 1 July 2011 the following tresholds apply:

  • the value of the land and the dwelling is not more than $330,000 – full exemption;
  • more than $330,000 but less than $750,000 – partial concession on a sliding scale;
  • $750,000 or more – no exemption or concession

Stamp Duty Rates in Victoria

The rates of duty are different depending on when the contract to purchase property is entered into:

  1. For contracts entered into on or after 6 May 2008 - The rate of duty charged is on a sliding scale down from a top rate of 5.5% for property valued at more than $960,000 to a base rate of 1.4% for properties valued at not more than $25,000.
  2. For contracts entered into before 6 May 2008 - The rate of duty charged is on a sliding scale down from a top rate of 5.5% for property valued at more than $870,000 to a base rate of 1.4% for properties valued at not more than $20,000.

Below you will find VIC Stamp Duty Parameters for an Owner Occupied or First Home Owner purchase for contracts entered into on or after 6 May 2008:

Dutiable Value RangeRate
$0 - $25,0001.4 per cent of the dutiable value of the property
$25,001 - $130,000$350 plus 2.4 per cent of the dutiable value in excess of $25,000
$130,001 - $440,000$2,870 plus 5 per cent of the dutiable value in excess of $130,000
$440,001 - $550,000$18,370 plus 6 per cent of the dutiable value in excess of $440,000
$550,001 - $960,000$28,070 plus 6 per cent of the dutiable value in excess of $550,000
More than $960,0005.5 per cent of the dutiable value

Below you will find the current VIC Stamp Duty Parameters for an Investment purchase for contracts entered into on or after 6 May 2008:

Dutiable Value RangeRate
$0 - $25,0001.4 per cent of the dutiable value of the property
> $25,000 - $130,000$350 plus 2.4 per cent of the dutiable value in excess of $25,000
> $130,000 - $960,000$2,870 plus 6 per cent of the dutiable value in excess of $130,000
More than $960,0005.5 per cent of the dutiable value

For more information on Stamp Duty in Victoria please check Duties Act 2000.

Other related fees

Mortgage Registration Fee:

  1. $107.60 Paper - Transaction;
  2. $85.00 Electronic - Transaction;

Land Transfer Fee:

  1. Paper Transaction Fee: $131.10 plus $2.46 for every whole consideration, the maximum fee is $ 1362.00.
  2. Electronic Transaction Fee: $108.40 plus $2.46 for every whole consideration, the maximum fee is $1339.00.

2013-2014 Stamp Duty Update in Victoria

On 28th of April the Victorian Government has announced the following changes to state taxes and grants which will be included in the 2013-14 State Budget:

First Home Buyer Grant

From 1 July 2013, the First Home Owner Grant (FHOG) will increase from $7000 to $10,000 for newly constructed homes under $750,000. To be eligible to this FHOG increase first-home buyers need to enter into a contract to purchase or build a new home on or after 1 July 2013.

Existing FHOG on the purchase of an established home will conclude on 1 July 2013. To receive the FHOG on an established home, you must enter a contract to purchase the home on or before 30 June 2013. This brings Victoria into line with New South Wales, Queensland and South Australia.

First Home Buyer Duty Reduction

The duty reduction available for eligible first-home owners of both newly constructed and established homes will increase to 40 per cent from 1 July 2013 for homes valued up to $600,000. A further 10 per cent duty reduction will be implemented from 1 September 2014 for eligible first-home buyers, increasing total duty savings to 50 per cent.

Stamp Duty Calculator Victoria

If you want to compare stamp duty in Victoria with other states please use our stamp duty calculator.