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ARTICLE · 28 MAY 2021

Update: 2021/22 Victorian budget and changes in the property sector

The property sector will be significantly impacted as a result of the announcements in the 2021/22 Victorian Budget.

AustraliaGovernment, Public Sector

Last Thursday, Victorian Treasurer Tim Pallas announced the Budget plans for 2021/22. The property sector in particular will be significantly impacted as a result of the announcements made.

The table below outlines the changes announced and proposed start date.

Tax Change Effective on
Stamp Duty Premium stamp duty introduced
Premium stamp duty will be introduced to property transactions above $2mil – $110,000 of duty plus 6.5% of dutiable value in excess of $2mil. This percentage is fixed and not adjusted annually depending on inflation.

Previously, the highest general rate was 5.5% for transactions with dutiable value in excess of $960,000.

1 July 2021

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