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Victoria state govt offers developers relief on stamp duty

MELBOURNE (May 23): Victoria state government will waive stamp duty on newly completed homes that have been unsold for a year or more and from July it will extend the stamp duty concession to new off-the-plan purchases worth up to A$1 million (RM3.2 million), reported news.com.au.

During the announcement of the state government on May 20, Victoria government said the increased threshold will apply for contracts entered into from July 1, 2021, to June 30, 2023.

According to the report, for new residential properties worth up to A$1 million that have been on the market for less than 12 months, a new 50% concession will apply for contracts entered into from July 1, 2021, to June 30, 2022.

Victorians buying new residential property worth up to A$1m in greater Melbourne will get a concession of up to 100% on stamp duty if the property has been unsold for more than 12 months.

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