The Victorian Budget 2020-21 includes a number of announcements related to legislation administered by the State Revenue Office in relation to Land Tax and Stamp Duty.
The measures are listed here, along with their expected start date.
A 50% land tax discount for eligible build-to-rent developments, including an exemption from the absentee owner surcharge, until 1 January 2040 — expected start date 2022 land tax year. A land tax exemption for land owned and occupied by not-for-profit clubs that provide for the social, cultural, recreational, literary or educational interests of their members — expected start date 2021 land tax year.
Land transfer (stamp) duty
Bringing forward the 50% land transfer (stamp) duty concession for commercial and industrial properties in regional Victoria — applies to contracts entered into on or after 1 January 2021. A land transfer (stamp) duty waiver of up to 50% on purchases of residential property in Victoria with a dutiable value of up to $1 million — applies to contracts entered into on or after 25 November 2020 and before 1 July 2021.