Markus Mobile Tax Accounting Services

PO Box 6197, Point Cook, Victoria 3030

Mobile: 0422 735 047

Web: Markus Mobile Tax Accounting Services

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Victorian Budget 2017-18 announcements

//Victorian Budget 2017-18 announcements

Victorian Budget 2017-18 announcements

Land transfer duty (commonly known as stamp duty) to be abolished for first-home buyers purchasing a property up to $600,000, and a duty concession for first-home purchasesvalued between $601,000 and $750,000

Expected start date:

Applies to contracts entered into from 1 July 2017

$20,000 FHOG to be available for homes built in regional Victoriaup to $750,000

Expected start date:

Applies to contracts entered into from 1 July 2017 to 30 June 2020

Australian Defence Force (ADF) personnel to receive a special exemption from the FHOG residence requirement.

Expected start date:

Applies to eligible transactions that complete on (and from) the day after the Bill receives Royal Assent

 

An exemption from insurance duty to apply to crops, livestock and agricultural machinery

Expected start date:

1 July 2017

to apply only to buyers eligible for the principal place of residence or first home buyer duty exemption/concession

Expected start date:

Applies to contracts entered into from 1 July 2017

Property transfers between spouses and de facto partners involving commercial and/or investment properties to no longer be exempt from land transfer duty (commonly known as stamp duty)

Expected start date:

Applies to contracts entered into from 1 July 2017

** Exemptions for the principal place of residence and for transfers following a relationship breakdown will remain in place

to be applied to certain properties in Melbourne

Expected start date:

1 January 2018

Centralizing the valuation function with the Valuer-General, with property valuations to be undertaken annually instead of every two years

Expected start date:

1 January 2019

to be subject to the same motor vehicle duty rates as used passenger vehicles.

Expected start date:

1 July 2017

Payroll tax threshold to be raised by $25,000 to reach $625,000 for 2017-18, and increase to $650,000 in 2018-19.

Expected start date:

1 July 2017 and 1 July 2018

Payroll tax rate paid by regional Victorian businesses to be reduced by 25 per cent, down to 3.65 per cent, where at least 85 per cent of their payroll goes to regional employees.

Expected start date:

1 July 2017

Source: Victorian State Revenue Office Budget Summary, 2 May 2017. 

By | 2017-05-03T02:20:56+00:00 May 3rd, 2017|Categories: Budget|Comments Off on Victorian Budget 2017-18 announcements

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