A new threshold and premium rate of land transfer duty (stamp duty) will be introduced for high-value property transactions with a value above $2 million.
For contracts entered into on or after 1 July 2021, the duty payable will increase to $110,000 plus 6.5% of the dutiable value in excess of $2 million.
Victorian rates are:
Dutiable value range Rate
$0 - $25,000 1.4% of the dutiable value of the property
> $25,000 - $130,000 $350 plus 2.4% of the dutiable value in excess of $25,000
> $130,000 - $960,000 $2870 plus 6% of the dutiable value in excess of $130,000
More than $960,000 5.5% of the dutiable value
More than $2,000,000 $110,000 plus 6.5% of the dutiable value in excess of $2,000,000
At May Klye & Associates, we specialise in dealing with the accounting and tax aspects affecting property investors, be they residential or commercial. We have well over a hundred property investor clients, and we have extensive experience in getting them the best tax outcome. If you would like to know more, call Noel or Amanda on 03 9585 7555 or email us at email@example.com