Off-the-Plan Duty Concession

Introduction

The Off-the-Plan Duty Concession is a key incentive for property buyers in Victoria, particularly beneficial for those purchasing new developments or refurbished properties.

It is one of many grants and incentives available to Geelong home buyers.

Understanding the Concession

This concession applies to off-the-plan purchases, reducing the dutiable value of the property by considering construction or refurbishment costs incurred after the contract date.

Key Features

• Applicability: For land and building packages, units in developments, and refurbished lots.
• Dutiable Value Calculation: Reduced by post-contract construction or refurbishment costs.

Eligibility Criteria

• Property Type: Applies to both new and existing properties.
• Residency Requirements: Property must be the principal residence for a continuous period starting within 12 months of possession.

Price Thresholds and Criteria

• Maximum Purchase Price: The concession is capped at properties valued up to $750,000.
• Principal Place of Residence Concession: Applies if the property’s dutiable value, after concession, does not exceed $550,000.
• First Home Buyer Exemption/Concession: The property’s dutiable value, post-concession, must not exceed $750,000 for eligibility.

Application Process

• Via Duties Online (DOL): Handled by a conveyancer, solicitor, or financial institution.
• Vendor’s Role: Providing details necessary for concession calculation.

Conclusion

The Off-the-Plan Duty Concession in Victoria offers an attractive financial benefit, reducing the overall cost burden of purchasing a property, especially for first-time and principal place of residence buyers.

For detailed information, including specific eligibility criteria and application steps, please refer to the State Revenue Office of Victoria’s website.