Property Law: 16 March 2021
Now is a great time to purchase an alpine property as there are currently stamp duty savings on both commercial and industrial property and residential property.
There are stamp duty concessions available if you entered into a contract to purchase commercial or industrial alpine property:
You should note that this reduction may also apply if you purchase a residential property in an alpine resort and you lease the property as a holiday rental.
Further information and relevant dates can be found here: Regional commercial, industrial and extractive industries property concession | State Revenue Office (sro.vic.gov.au)
Alpine residential properties also benefit from these savings. There is a 50% stamp duty waiver for new residential properties and a 25% stamp duty waiver for existing residential properties. To be eligible for the waiver your purchase will need to meet the following criteria:
More information in relation to these benefits can be found here: Land transfer duty waiver for residential property transactions of up to $1 million | State Revenue Office (sro.vic.gov.au)
If you have already purchased an alpine property and you did not receive a waiver of stamp duty you should check if you are entitled to one. If you missed out and are entitled to the waiver, there is a process to obtain a refund from the State Revenue Office.