What is Vic stamp duty?
Stamp duty in Victoria is a state government tax applied to the sale or transfer of many personal and business-related assets, most commonly real estate. When buying or otherwise taking possession of homes or land, it’s referred to as Victoria land transfer duty.
How much is stamp duty in Victoria?
Each state in Australia applies stamp duty differently, with individual rates, purchase thresholds, and exemptions that eligible buyers will need to understand to calculate payable duty or apply for concessions when purchasing a home.
The stamp duty you will pay may vary, depending on:
- The state or territory the property is located in
- The cost of the purchase
- The type of property you purchase
- Your residency status
- Your income and partner’s income
- Your eligibility as a first-home buyer
- Your eligibility for pensioner concessions
You can use the Victoria stamp duty calculator to estimate how much duty may be payable.
Generally, first-home buyers and properties under $500,000 in value will attract the lowest amount of stamp duty across all states of Australia.
Who pays stamp duty in Victoria?
The person or business purchasing the property or receiving the transfer of assets will be liable to pay stamp duty in Victoria. As this can often be a significant additional cost on the purchase price of property, it’s important to estimate the transfer tax on properties so you can clearly understand your financial obligations.
How do you pay Victoria stamp duty?
Stamp duty can be paid by direct deposit, cheque, credit card, and other major payment options. In most cases, you will receive a notice from your state government office, delivered to the address of the purchased property or by e-mail. This letter will often contain:
- The amount of stamp duty payable
- Details on the tax and how it was calculated
- Concessions or exemptions included in the calculation
- Payment options
- Payment due date
- Information regarding late payments and associated penalties or charges
- Reference details for the notice and payment
Payment due dates can be anywhere between the day of settlement and up to three months following the purchase of property.
Stamp Duty Calculator Vic
Victoria (Vic) Stamp Duty (2020)
| Purchase price of property | Stamp Duty payable |
|---|---|
| $0 - $25,000 | 1.4% per dollar up to $25,00 |
| $25,001 - $130,000 | $350 plus 2.4% per dollar over $25,000 |
| $130,001 - $960,000 | $2870 plus 6% per dollar over $130,000 |
| More than $960,000 | 5.5% of purchase price |
Payment Due Date
Victoria stamp duty needs to be paid within 30 days from settlement day.
Exemptions
First-time home buyers in Victoria are entitled to an exemption from stamp duty:
- Full exemptions only apply to homes with a value up to $600,000
- Partial exemptions apply to homes valued between $600,000 and $750,000
- The home must be your primary place of residence
- You need to move in to the property within 12 months of settlement
- You need to reside at the property for 12 months without changing address
This concession is additional to any first-home owner grants you may be entitled to claim.
You can visit the State Revenue Office Victoria site to learn more about thresholds, exemptions, and how to contact your state office.
Other Money.com.au Calculators
Calculated your Stamp Duty and want to work out other finance calculations? You can visit our dedicated page to view the full list of financial calculators, which you can use to estimate your tax refund, car loan repayments, calculate capital gains tax (CGT), and much more.