Sweeping changes to the Victorian off-the-plan stamp duty concession will increase duty on most sales ahead

Victoria's off-the-plan stamp duty concession will soon be a distant memory for the vast majority of off-the-plan sales.

The Victorian Government has made significant and sweeping changes to the off-the-plan concession which will effectively eliminate the concession from operating to reduce the Victorian stamp duty payable in the vast majority of off-the-plan sales, including purchases of investment properties.

Consequently, following these changes the off-the-plan concession will not, except in limited circumstances, be a stamp duty saving trump card that can be utilised by developers in enticing prospective purchasers to execute sale contracts at the early stage of development.