It will soon be easier for Victorian first home buyers to live the great Australian dream with the government set to axe stamp duty – but there is a catch. The premier, Daniel Andrews, announced on Sunday that first home buyers will be exempt from the tax if the property is valued at under $600,000 – although there will also be discounts for properties worth between $600,000 and $750,000. Tax discounts for a home valued between $600,000 and $750,000 will be applied on a sliding scale, the government says. There are also sweeping changes for stamp duty discounts on investment properties, with off-the-plan stamp duty concessions only available for people who intend to live in the property from 1 July. A vacant residential property tax will also be brought in to address the number of properties being left empty across Melbourne – levied at 1% multiplied by the capital improved value.

Source: The Guardian March 05, 2017 00:45 UTC