VIC Stamp Duty Concessions for Purchasers of Off-The-Plan Residential Dwellings

Duties Amendment (More Homes) Bill 2024

19 Nov 2024: Passed by Parliament and signed off by the governor.

This bill kicks in: TBA

Legislative Assembly

Legislative Council

Assent

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Topics

home ownership off-the-plan housing property investment property tax real estate

Introduced by: Timothy Pallas (ALP); The Hon Jaclyn Symes MLC (ALP)

Links to official parliament websites

Official page: progress through parliament

Effects of this bill

If this bill passes, it means that:

Purchasers of single-dwelling residential strata lots can exclude construction costs paid after the contract date when calculating dutiable value.
This concession reduces the total amount of duty payable for both owner-occupiers and investors.
The duty reduction applies only to contracts entered into between 21 October 2024 and 21 October 2025.
Taxpayers are prohibited from using replacement documents to make a contract appear as though it was signed within the eligibility period.

The Debate

What different members said when this bill was debated:

Brad Rowswell LIB

“I rise to address the government’s Duties Amendment (More Homes) Bill 2024, a bill that was made available in this place only hours ago – a bill that was made available in this place shortly after midday when the Parliament resumed for this sitting week.”

Official source →

Nick Staikos ALP

“I do not dislike this guy, I have got to say. I went to school with Brad. I remember when we were in year 12 the school production of choice that year was Les Misérables, and the member for Sandringham starred in Les Misérables. In fact on our last day of school you sang Bring Him Home, I remember that. But he is not leading a revolution in this place.”

Official source →