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taxes

Stamp Duty in Victoria (VIC) - Cars & Property

By QuickBooks Australia

Published on May 28, 2024

Stamp duty, or transfer duty, is a one-time state tax imposed on buyers when they buy a property. The rules around the duty vary across Australia as it is in the hands of state governments. However, no matter what state you live in – you will pay more stamp duty as the property price increases. In addition to the state you live in and the properties' worth, how much you pay will depend on whether you are eligible for concessions or exemptions.

It is set by the individual state revenue office so stamp duty in Melbourne will look different than the stamp duty in Brisbane. The higher the property's value, the more stamp duty you will pay. In addition to the state and the property value, your stamp duty liability will also depend on whether you are eligible for exemptions or concessions.

Stamp Duty Costs In VIC

Stamp duty for property in Victoria operates on a sliding scale based on the dutiable value, from 1.4% up to 6.5%. When you buy a property in Victoria, you will pay stamp duty based on the value of the property. Unless you are eligible for a home buyer duty exemption, stamp duty can cost additional tens of thousands of dollars on top of other costs. Dutiable value is simply the purchase price.

Dutiable Value	Stamp Duty in Victoria
$0 - $25,000	1.4% per dollar up to $25,000
$25,001 - $130,000	$350 plus 2.4% per dollar over $25,000
$130,001 - $960,000	$2,870 plus 6% per dollar over $130,000
More than $960,001	5.5% of purchase price
Over $2,000,001	$110,000, plus 6.5% of the dutiable value over $2,000,000

Stamp duty rates vary for first-time buyers, foreign buyers and whether the property is the principal place of residence. If in doubt, the calculator for stamp duty for property in Victoria can help.

Stamp Duty, First-Time Buyers And Exemptions In VIC

In Victoria, first-time buyers are eligible for stamp duty exemption up to a dutiable value of $600,000. Buyers must be Australian citizens. For properties over this value, first-time buyers may still receive a concession. You must be purchasing an established home for the purposes of a principal residence, not investment property. If you purchase a home with a dutiable value of $725,000, a first-time buyer will need to pay $32,141.

There are other exemptions for eligible pensioners, transfer of land from a deceased person's estate to a beneficiary, off-the-plan purchases, and farm exemptions. If you believe you are eligible for stamp duty discounts or an exemption, you can apply through Victoria's State Revenue Office.

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Stamp Duty On Cars In VIC

According to the VIC car stamp duty calculator, the rate you pay depends on whether the vehicle is new or used, its main purpose, and its C02 emissions.

Vehicle Information	Stamp Duty
Green passenger vehicles with emissions below 120g C02/km	$8.40 per $200
Primary passenger vehicle	$8.40 per $200
New commercial vehicle	$8.40 per $200
Motorcycles	$8.40 per $200
Vehicles (new or used) below the value of $69,152	$8.40 per $200
Vehicles (new or used) valued between $69,153 - $100,000	$10.40 per $200
Vehicles (new or used) valued between $100,000 - $150,000	$14 per $200
Vehicles (new or used) valued over $150,000	$18 per $200

If in doubt, use the Victoria car stamp duty calculator.

When To Pay Stamp Duty In VIC

There are a variety of ways to pay stamp duty when buying a home. However, you have 30 days before settlement to complete the payment. It cannot be rolled into your mortgage payment or added to a home loan. Victoria does offer a 12-month payment plan, but market-rate interest applies, plus 8%.

No matter what state you live in or plan to purchase property from, having streamlined software to manage your business makes sense. From cloud payroll software to accounting, tax and BAS workflows, there isn't much QuickBooks Tax Software can't assist you with. It's the best way to start the financial year and it integrates with a host of apps to make your life as simple as possible.

While every care has been taken to ensure the accuracy of the information presented as at 12 April 2024, Intuit is not providing you with professional advice and we recommend you obtain your own professional advice. Intuit is not liable for your use of the information presented.

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Stamp Duty in Victoria (VIC) - Cars & Property

Stamp Duty Costs In VIC

Stamp Duty, First-Time Buyers And Exemptions In VIC

Grow Your Business with QuickBooks

Stamp Duty On Cars In VIC

When To Pay Stamp Duty In VIC

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