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Vic opposition vows to scrap stamp duty
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The Victorian opposition party said that it would scrap the Labor government’s stamp duty tax increase on the family home if elected to power.
The Liberal Nationals Party has committed to abolishing the stamp duty tax increase on the family home if it is elected to the government in Victoria.
The stance has followed the release of the Labor government’s Victoria budget 2021-22, in which it said that it would introduce a new land transfer duty threshold for high-value transactions for contracts entered into from 1 July 2021.
The budget papers said that for property transactions with a dutiable value above $2 million, the land transfer duty payable will increase to $110,000 plus 6.5 per cent of the dutiable value in excess of $2 million.
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Industry groups slam Victoria’s ‘budget repair’ plans By Malavika Santhebennur 24 May 2021
Industry bodies said the Victorian government’s moves to reduce its deficit is “premature”, and warned of the adverse effects of the new taxes on individuals and businesses.
CPA Australia has labelled the Victorian government’s move to begin the process of fiscal consolidation by increasing taxes in the budget as “premature”.
The comments have followed the release of the Victoria 2021-22 budget by the Daniel Andrews Labor government and Treasurer Tim Pallas, which includes measures to increase land tax rates for taxpayers with larger property holdings, and introduce a new land transfer duty (stamp duty) threshold for high-value property transactions, while a tax will apply to large windfall gains ass
Mortgage Business
Vic to be hit with stamp duty, land tax hike By Malavika Santhebennur 18 May 2021
The Victorian budget will include $2.7 billion in new property taxes, including a new “premium” stamp duty rate for property transactions over $2 million, the state treasurer said.
The Daniel Andrews Labor government has announced that the Victorian budget 2021-22 (due to be handed down on Thursday, 20 May) will contain “targeted measures” worth $2.7 billion, including new stamp duty taxes for home buyers and property taxes for investors.
The announcement of the measures has come at a time when the federal government introduced measures such as the HomeBuilder package and the First Home Loan Deposit Scheme (FHLDS) New Home Guarantee to address housing affordability issues in Australia, and provide stimulus measures during