Stamp Duty Calculator

Land transfer (stamp) duty calculator

Stamp Duty Calculator for Victoria

Stamp Duty Calculator

Stamp duty is a tax that is levied on various transactions in Australia, including property sales. In Victoria, the stamp duty payable on property transactions can be a significant expense, so it is important for buyers to understand how it is calculated. In this article, we will explain how to calculate stamp duty in Victoria, Australia.

To calculate stamp duty in Victoria, the property’s value on the open market, or the purchase price of the property is used (whichever is greater).Stamp duty in Victoria is calculated on a sliding scale. It starts at 1.4% if the property is valued at $25,000 and rises to 6.5% if the property is valued over $2,000,000.

1.4% for properties valued at $25,000 or less
$350 plus 2.4% for properties valued between $25,001 and $130,000
$2,870 plus 6% for properties valued between $130,001 and $960,000
5.5% for properties valued between $960,001 and $2,000,000
$110,000 plus 6.5% for properties valued over $2,000,000

It is important to note that the stamp duty payable may be reduced or waived in certain circumstances.
And if you combine the with the first home buyer and principle place of residence concessions into a table you get the following stamp duty calculator:

Stamp duty calculator victoria

Stamp duty concessions are also available for:

  • Pensioner Duty Exemption or concession - Generally, a full exemption from duty is available for homes valued up to $330,000 and a concession is available for homes valued from $330,001 to $750,000.
  • First-home owner with family exemption/concession - A one-off duty exemption or concession for properties valued at $200,000 or less.
  • New residential property within the City of Melbourne - There is 50% stamp duty concession or exemption if you buy a new residential property within this local government area with a dutiable value up to $1 million.
  • Off the plan concession - If you buy an off-the-plan property either as a land and building package or as a refurbished lot, a duty concession is available.
  • Young farmer’s exemption or concession - Is a one-off duty exemption or concession for young farmers buying who are buying their first farmland property.
  • Transfer of the family farm - There is also a family farm transfer exemption.
  • Deceased person - There is an exemption available on the transfer of land of a deceased person to a beneficiary.
  • Transfers between partners and spouses - Which also includes an exemption for the breakdown of relationships.
  • There are concessions available - If you’re buying a property in regional Victoria for industrial, commercial or extractive industries if you’ve entered a contract on or after 1 July 2019.
  • Charities and friendly societies - Certain exemptions are available for these groups.
  • Corporate consolidation concessional relief - May be available for agreements or arrangements entered on or after 1 July 2019.
  • Corporate reconstruction concessional relief - May be available for agreements and arrangements entered on or after 1 July 2019.

Pensioner Stamp Duty Concessions

Generally, a full exemption from duty is available for homes valued up to $330,000 and a concession is available for homes valued from $330,001 to $750,000.
Pensioner concession - Is a one-off duty exemption or concession for new or established homes valued up to $750,000.
Eligible pensioners - Could get a stamp duty exemption or concession if buying a property valued up to $750,000 as your principal place of residence.

Conclusion

In conclusion, stamp duty is a significant expense that buyers need to consider when purchasing property in Victoria. By understanding how it is calculated, buyers can ensure they are prepared for this expense and can plan accordingly. It is always recommended that buyers consult with a licensed conveyancer or legal professional to understand their specific circumstances and obligations.

Find all of our stamp duty calculator page and more information at:  https://easyonlineconveyancing.com.au/calculators/

For more information on Stamp Duty see the SRO page at:  https://www.e-business.sro.vic.gov.au/calculators/land-transfer-duty