{"id":72811,"date":"2024-11-27T02:59:14","date_gmt":"2024-11-27T02:59:14","guid":{"rendered":"https:\/\/thebusinessexperts.com.au\/?p=72811"},"modified":"2024-11-27T03:10:09","modified_gmt":"2024-11-27T03:10:09","slug":"understanding-the-off-the-plan-duty-concession-in-victoria","status":"publish","type":"post","link":"https:\/\/thebusinessexperts.com.au\/index.php\/2024\/11\/27\/understanding-the-off-the-plan-duty-concession-in-victoria\/","title":{"rendered":"Understanding the Off-the-Plan Duty Concession in Victoria"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"72811\" class=\"elementor elementor-72811\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-88 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"88\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-57de\" data-id=\"57de\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4b8 elementor-widget elementor-widget-text-editor\" data-id=\"4b8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.11.5 - 14-03-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><!-- wp:heading {\"level\":5} --><\/p>\n<blockquote>\n<p><b style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size );\">Victoria\u2019s Off-the-Plan Duty Concession reduces stamp duty for eligible buyers by excluding post-contract construction costs from the property\u2019s dutiable value. Recent updates extend eligibility to all buyers until October 2025.<\/b><\/p>\n<\/blockquote>\n<h5>Understanding the Off-the-Plan Duty Concession in Victoria<\/h5>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">The Victorian Government offers a unique opportunity for buyers of off-the-plan properties to reduce their land transfer duty (commonly known as stamp duty). This concession applies to certain eligible contracts and can provide significant savings for homebuyers and investors alike.<\/span><\/p>\n<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:heading {\"level\":5} --><\/p>\n<h5>What is an Off-the-Plan Purchase?<\/h5>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>An off-the-plan purchase refers to buying a property, such as a house, apartment, or townhouse, before construction is complete or has even started<\/p>\n<p><span style=\"background-color: transparent; color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">\u00a0<\/span><\/p>\n<p><span style=\"background-color: transparent; color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif;\"><b>Eligible property types include:<\/b><\/span><\/p>\n<p><span style=\"background-color: transparent; color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">\u00a0<\/span><\/p>\n<div>\n<ul>\n<li>Land and building packages.<\/li>\n<li>Units in residential towers.<\/li>\n<li>Low-rise apartments and unit complexes.<\/li>\n<li>Refurbished lots.<\/li>\n<\/ul>\n<div>\u00a0<\/div>\n<\/div>\n<div>\n<h5>How Does the Concession Work?<\/h5>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>The concession reduces the dutiable value of the property, which is the base used to calculate the stamp duty. Typically, the dutiable value is the greater of the purchase price or market value. However, under this concession, the dutiable value is reduced by the cost of construction or refurbishment incurred after signing the contract.<\/p>\n<p>\u00a0<\/p>\n<h5 style=\"font-family: Montserrat, sans-serif; color: #7a7a7a;\">Eligibility Criteria<\/h5>\n<\/div>\n<div>\n<div>\n<div>\n<div dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"4d273e66-0a30-44eb-a419-8a5dcc6d7072\" data-message-model-slug=\"gpt-4o\">\n<div>\n<div>\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<p><b>Eligibility depends on:<\/b><\/p>\n<p>\u00a0<\/p>\n<\/div>\n<div>\n<ul>\n<li><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size );\"><b>Date of Contract<\/b><\/span><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight );\">: The date of signing affects whether you qualify and which rules apply.<\/span><\/li>\n<li><b>Type of Property<\/b>: Must meet thresholds based on property value after applying the concession.<\/li>\n<li><b>Purpose of Purchase<\/b>: Some contracts require the property to be your principal place of residence.<\/li>\n<li><b>Recent Updates<\/b>: Temporary Concession<\/li>\n<\/ul>\n<\/div>\n<div>\u00a0<\/div>\n<div>From October 21, 2024, a new temporary off-the-plan duty concession is available for all purchasers, including companies and trusts, regardless of eligibility for the First Home Buyer Duty Concession or Principal Place of Residence Concession. This temporary measure applies for 12 months.<\/div>\n<div>\u00a0<\/div>\n<div>\n<div>\n<h5 style=\"font-family: Montserrat, sans-serif; color: #7a7a7a;\">Key Points by Contract Date<\/h5>\n<\/div>\n<div>\n<div dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"4d273e66-0a30-44eb-a419-8a5dcc6d7072\" data-message-model-slug=\"gpt-4o\">\n<div>\u00a0<\/div>\n<\/div>\n<\/div>\n<div>\u00a0<b>Eligibility depends on:<\/b><\/div>\n<\/div>\n<div>\u00a0<\/div>\n<div>\n<div>\n<ul>\n<li><b>Contracts Before July 1, 2017<\/b>: Broad eligibility for all purchasers and property types, including investments.<\/li>\n<li><b>Contracts Between July 1, 2017<\/b>, and July 1, 2023: Thresholds and residency requirements apply.<\/li>\n<li><b>Contracts After July 1, 2023<\/b>: Eligibility ties to first home buyer or principal place of residence concessions.<\/li>\n<li><b>Temporary Concession (Oct 21, 2024 &#8211; Oct 20, 2025)<\/b>: Expanded eligibility to all buyers.<\/li>\n<\/ul>\n<div>\u00a0<\/div>\n<\/div>\n<\/div>\n<div>\n<h5 style=\"font-family: Montserrat, sans-serif; color: #7a7a7a;\">Why Use the Off-the-Plan Concession?<\/h5>\n<div>\n<div>This concession can make off-the-plan purchases more affordable, especially for first-home buyers or those purchasing in new developments. It&#8217;s crucial to consult your conveyancer or solicitor to determine your eligibility and calculate potential savings.<\/div>\n<div>\u00a0<\/div>\n<div>For more information, visit the State Revenue Office Victoria\u2019s official page on the o<a href=\"https:\/\/www.sro.vic.gov.au\/offtheplan\">ff-the-plan conc<\/a>ession.<\/div>\n<\/div>\n<\/div>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1b31293 elementor-widget elementor-widget-heading\" data-id=\"1b31293\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.11.5 - 14-03-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">make it happen in your business<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Victoria\u2019s Off-the-Plan Duty Concession reduces stamp duty for eligible buyers by excluding post-contract construction costs from the property\u2019s dutiable value. Recent updates extend eligibility to all buyers until October 2025. Understanding the Off-the-Plan Duty Concession in Victoria The Victorian Government offers a unique opportunity for buyers of off-the-plan properties to reduce their land transfer duty [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":72816,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[63],"tags":[],"_links":{"self":[{"href":"https:\/\/thebusinessexperts.com.au\/index.php\/wp-json\/wp\/v2\/posts\/72811"}],"collection":[{"href":"https:\/\/thebusinessexperts.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thebusinessexperts.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thebusinessexperts.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thebusinessexperts.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=72811"}],"version-history":[{"count":8,"href":"https:\/\/thebusinessexperts.com.au\/index.php\/wp-json\/wp\/v2\/posts\/72811\/revisions"}],"predecessor-version":[{"id":72820,"href":"https:\/\/thebusinessexperts.com.au\/index.php\/wp-json\/wp\/v2\/posts\/72811\/revisions\/72820"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thebusinessexperts.com.au\/index.php\/wp-json\/wp\/v2\/media\/72816"}],"wp:attachment":[{"href":"https:\/\/thebusinessexperts.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=72811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thebusinessexperts.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=72811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thebusinessexperts.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=72811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}