The Victorian Budget 2017-18 includes a number of measures that impact legislation administered by the SRO.
These measures have to be approved by the Victorian Parliament before they can begin. You should only rely on the exact detail of them once the legislation is passed. This is likely to be in June 2017.
Our website will be updated with detailed information when it becomes available.
|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|