What’s new in 2016-2017?

For all contracts entered into from 1 July 2016, the additional stamp duty that is payable on the purchase of a residential property within Victoria by a foreign purchaser rises from 3% to 7%.

Land Victoria fees

The fees for some title dealings at Land Victoria have fallen from 1 July 2016:

• Transfer without consideration, was $138.90, now $92.70
• Title being made available, was $10.00, now free
• Mortgage or discharge of mortgage, was $114.00, now $112.60
• Caveat or withdrawal of caveat, was $79.00, now $46.30
• Transmission application by legal personal representative(s), was $99.00, now $46.30
• Survivorship application by surviving joint proprietor(s), was $99.00, now $46.30
• Electronic conveyancing assurance fee, was $2.00 per dealing, now free

However, the fees for transfers for considerations of $546,000 or greater have increased, for example:

• Transfer for $600,000, was $1,369.00, now $1,497.00
• Transfer for $1,000,000, was $1,369.00, now $2,433.00
• Transfer for $1,500,000, was $1,369.00, now $3,603.00

Capital gains withholding on sales

If one or more of the vendors of a property sold on or after 1 July 2016 for $2,000,000 or more is a foreign resident (i.e. they do not have a clearance certificate issued by the Australian Taxation Office), then 10% of their share of the sale proceeds must be paid to the Australian Taxation Office at settlement.

Contact Glenferrie Conveyancing for more information.