FIRST HOME OWNER STAMP DUTY CONCESSION: HOW TO APPLY
Buying a home is a major financial decision. So, it’s crucial that you understand your financial responsibilities and what help is available to you – including your first home owner stamp duty concession.
When purchasing a home on or after July 1, 2017, you may be eligible for a stamp duty concession or exemption. If your contract is dated before July 1, 2017, you may be eligible for a 50% duty reduction.
When buying a new or established property in Victoria with a dutiable value of up to $600,000, both the stamp duty exemption and 50% duty reduction are available to first home buyers. When the dutiable value is over $600,000 – but not over $750,000 – the duty concession applies.
Here’s a quick step-by-step guide to applying:
1. Gather the necessary information and documents.
To apply for the duty exemption, concession, or reduction, you need to prepare the following information and documents:
- Copy of the Contract of Sale (including property details, as well as the full names of the seller and buyer)
- Title details
- Company or unit trust details (including ACN or ABN for land use entitlements)
2. Complete the Digital Duties Form.
The Digital Duties Form can be completed online. If you are registered to use Duties Online, you can create a form under the “Create” tab. If you are an individual, you must register and lodge via the public lodgement system. Registration is easy and you can lodge electronically scanned documents for a declaration of trust or a land transfer via the Victoria State Revenue Office website after you register.
Overpaid duty on your purchase because you didn’t claim a concession, exemption, or reduction that you were eligible for? You can apply for a refund up to 5 years after the duty was paid.
Conclusion
There are a number of criteria that must be met in order to apply for a first home owner duty concession, reduction, or exemption. Among other things, you must have purchased your home on or after July 1, 2017 with a dutiable value of up to $600,000.
If you’d like to learn more about a first home owner duty concession, reduction, or exemptions, don’t hesitate to give me a call! I can help you better understand this topic and enable you to get the stamp duty concession you need.
Mortgage Broker - Frankston VIC
Will Bell has 15 years’ experience in the finance industry, the last 11 years he has owned and operated Will Bell Mortgage Broker. He specializes in residential home loans and over the years has carved out a trusted brand. This is proven by the reviews his customers have made regarding the service and the experience he has provided.
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