Stamp Duty discount (VIC)

Hi all,

is there any stamp duty calculator on the internet for off-plan purchases?

we are looking at a off the plan townhouse (one of two) and want to find out how much SD we can save.

the old house has just been demolished, no slabs yet. excavation just started.

It is correct that if I sign the contract now, I only pay the stamp duty on the portion of the land?
eg land was 1 mil. I only pay stamp duty on 50% of the land (since it's one or 2 Townhouses). ie, duty on just 500k??

thanks in advance.
 
A standard stamp duty calculator will do the job if you know how its applied.

In an OTP (Off The Plan) scenario, the stamp duty is applied to the value of the property at the time the contract is signed. In most cases this will be land value only (no building value).

You simply plug this figure into the calculator and you get the result, just like any other purchase.

The trick is determining the site value at the time of purchase. The builder generally gives you a declaration for this value. There's no calculator for it.
 
I see a lot "buy off the plan and save on stamp duty". So really you still need to pay something, just land component.
 
I see a lot "buy off the plan and save on stamp duty". So really you still need to pay something, just land component.

Some developers offer incentives and pay your stamp duty otherwise, it is the land value at the date of contract.

Cheers, Ivan
 
I see a lot "buy off the plan and save on stamp duty". So really you still need to pay something, just land component.

It can represent a large saving on a high-rise apartment where the land value is minimal. Great marketing pitch for the developer, illusory saving for the purchaser.
 
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