The Victorian Budget 2020-21 announcement on 24 November 2020, included significant duty relief for some eligible residential property purchases. A duty waiver of 50% for new residential properties, and 25% for existing residential properties will be available for purchases with a consideration of up to $1 million, where a contract is entered into between 25 November 2020 and 30 June 2021.
The SRO is currently enhancing Duties Online (DOL) and the Digital Duties Form (DDF) to incorporate the new tax relief, allowing it to be processed as a DOL system assessed transaction.
While this enhancement is being progressed, there may be residential property purchases that are eligible for this relief (contract of sale signed or, transfer, if there is no contract, dated on or after 25 November 2020) which will settle before the enhancement has been made in DOL. The SRO will endeavour to process these land transfer relief lodgements as a priority, to ensure that the intended settlement date can be met.
If a residential property purchase (contract of sale signed or transfer dated on or after 25 November 2020, with a consideration of up to $1 million) is not due to settle in the next few weeks, then it is advisable to not commence the Duties Lodgement until the system enhancement is released in December.
Please check the SRO website regularly for further announcements and details regarding this initiative.