Stamp duty concessions coming for Victorian commercial and industrial regional properties
The Victorian budget fast-tracks a 50 per cent stamp duty concession for commercial and industrial regional properties to support businesses to open, relocate or expand.
The scheme had been set to start in July 2023.
A duty concession is available if you buy property in regional Victoria used for commercial, industrial or extractive industry purposes where the contract is entered into on or after 1 July 2019.
This includes property currently being used for these purposes, as well as property converted to one of these uses.
For transactions entered into on or after 1 July 2020 and before 1 July 2021, the concession is a 20% reduction in duty payable at general rates.
The concession will increase by 10% each financial year until 1 July 2023, when it will be 50% except for contracts of sale entered into on or after 27 January 2020 for the purchase of commercial or industrial property in the local government areas of East Gippsland, Mansfield, Wellington, Wangaratta, Towong and Alpine.
A 50% concession on land transfer duty (stamp duty) applies to these contracts of sale. This is one of the Victorian Government's bushfire relief measures.
