Victoria To Abolish Stamp Duty For Commercial Properties

The Victorian government is planning to abolish stamp duty for commercial and industrial properties, replacing it with an annual property tax.

The change, scheduled for July 1, 2024, is expected to pump $50 billion into the state’s economy.

Victorian Treasurer Tim Pallas announced the shift in tax policy in the 2023-24 state budget. He believes the move will eliminate hindrances to large-scale investments, thereby catalysing business expansion.

Buyers of commercial or industrial properties after the commencement date can choose to pay the final stamp duty upfront or opt for fixed ten-year instalments incorporating the stamp duty and interest via a government-backed transition loan.

The change will only affect properties sold after the given date and existing properties purchased before mid-2024 will not be included in the new system.