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State Budget Provides Some Land Tax/Stamp Duty Relief

May 28th 2008

Prices have continued to increase as have our duties and taxes to match. Finally the Real Estate Institute’s lobbying has paid off and the State Budget announced that land tax rates would drop from the top rate of 2.5% to 2.25 %.

Also, for the first time in a decade stamp duty thresholds have been lifted by 10%. Don’t forget there is a different rate for your principal place of residence compared to other property purchases such as holiday homes, commercial and investment properties. Pensioner and concession cardholders are also better off. For example a pensioner may be eligible to buy a home worth up to $330,000 and pay no duty at all. Upwards of this figure the benefit reduces.

It would certainly pay to do your homework before buying if you can take advantage of these concessions. The new rates and relative information can be viewed on http://www.sro.vic.gov.au.