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ARTICLE · 13 DECEMBER 2024

Temporary Changes to Off-the-Plan Duty Concessions

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The Act introduces temporary changes to the off-the-plan land transfer duty concession.

AustraliaTax
David Mazzeo
David Mazzeo
Abdul Torabi
Abdul Torabi
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On 19 November 2024, the Duties Amendment (More Homes) Act 2024 (Vic) (' the Act') received Royal Assent. The Act introduces temporary changes to the off-the-plan land transfer duty concession, providing more buyers with the opportunity to access greater stamp duty savings.

The Expanded Concession

The previous off-the-plan duty concession allowed first-home buyers and owner-occupiers to deduct construction costs from the dutiable value of the property when calculating stamp duty, where the value was below $750,000 (for first home buyers) and $550,000 (for owner-occupiers).

This meant that many purchasers were excluded from the existing concession, such as purchasers whose off-the-plan dutiable value exceeded the thresholds, or those who enter into contracts later during the construction phase of the development.

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