We have just purchased a property in Melbourne, Vic. The property was settled last week but our solicitor did not say anything about paying the stamp duty yet. Could someone please explain to us when do we have to pay this stamp duty to the Vic Govt? In NSW we have to pay the stamp duty around 2 weeks before settlement. Thanks in advance.
when do we pay stamp duty on purchase of property in Victoria?
- Thread starter babushka
- Start date
In Victoria, stamp duty must be paid within 3 months of settlement. After this, the purchaser is deemed to be in default to State Revenue Office.
Point 16, Page 37, Duties Act 2000
Jamie.
Point 16, Page 37, Duties Act 2000
Jamie.
Thank you, Jamie, for your reply. Phew! We thought we might be in trouble. Now we can breath easier because the money has to come out of an account in hubby's name and he is overseas for a few weeks. It is kind of generous of the Victorian Govt not requiring stamp duty payable at the time of settlement. In NSW we have no such luck the Govt grabs it even before settlement takes place. However, the stamp duty in Vic is higher than in NSW so delaying payment of stamp duty after settlement in Vic is not a bad thing.
Jamie is correct ythat there is no penalty for 3 months, but stamp duty is commonly paid at settlement. You lender will probably take it out of your account - better check
