The Victorian Budget 2017-18 includes a number of measures that impact legislation administered by the SRO.

These measures have been passed by the Victorian Parliament.

Victorian Budget 2017-18 announcements

Measure Expected start date
Land transfer duty (commonly known as stamp duty) to be abolished for first-home buyers purchasing a property up to $600,000, and a duty concession for first-home purchases valued from $600,001 to $750,000

Applies to contracts entered into from 1 July 2017

$20,000 FHOG to be available for homes built in regional Victoria up to $750,000 Applies to contracts entered into from 1 July 2017 to 30 June 2020
Australian Defence Force (ADF) personnel to receive a special exemption from the FHOG residence requirement Applies to eligible transactions that complete on (and from) the day after the Bill receives Royal Assent
An exemption from insurance duty to apply to crops, livestock and agricultural machinery 1 July 2017
Off-the-plan concession to be retargeted to apply only to buyers eligible for the principal place of residence or first home buyer duty exemption/concession

Applies to contracts entered into from 1 July 2017

Property transfers between spouses and de facto partners involving commercial and/or investment properties to no longer be exempt from land transfer duty (commonly known as stamp duty)

Applies to contracts entered into from 1 July 2017

** Exemptions for the principal place of residence and for transfers following a relationship breakdown will remain in place

A vacant residential property tax to be applied to certain properties in Melbourne 1 January 2018
Centralising the valuation function with the Valuer-General, with property valuations to be undertaken annually instead of every two years 1 January 2019
New passenger vehicles to be subject to the same motor vehicle duty rates as used passenger vehicles 1 July 2017
Payroll tax threshold changes will be brought forward by one year to reach $625,000 for 2017-18, and increase to $650,000 in 2018-19 1 July 2017 and 1 July 2018
Payroll tax rate paid by regional Victorian businesses to be reduced by 25 per cent, down to 3.65 per cent, where at least 85 per cent of their payroll goes to regional employees 1 July 2017