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If you buy a property that you intend to live in as your home for at least 12 months, you may be eligible for a concession on stamp duty. The concession is available to all home buyers, not just first home buyers.
We can assist in applying for the Principal Place of Residence concession (PPR)
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If you buy the property with others, at least one of you must occupy the property as your PPR. You must start using the property as your PPR within 12 months of becoming entitled to possession of it. This usually occurs at settlement.
However, you can satisfy the requirements between you. For example, if you buy a property with your spouse, you can both live in the property as your PPR, even if you do not live in it at the same time.
If you do not meet the requirements, you will have to pay stamp duty at the standard rate. However, the State Revenue Office of Victoria may exercise discretion to vary the residence requirements in certain circumstances. For example, if you are forced to move out of the property due to unforeseen circumstances, the State Revenue Office may allow you to continue to claim the PPR concession.
If you have bought vacant land to build your home, you may be eligible for the PPR concession. However, there are new residence requirements that apply to vacant land transfers that complete on or after 16 December 2020.
You must move into your home by whichever of these dates occurs first:
It does not matter when the contract for your purchase was entered into, as long as the transfer completes on or after 16 December 2020.
In limited circumstances, the State Revenue Office of Victoria may vary this requirement.
For the purposes of assessing your eligibility for the concession, the State Revenue Office of Victoria will only consider the value of the vacant land. The value of your building contract will not be taken into account.
If you have received the PPR concession, you must notify the State Revenue Office of Victoria in writing within 30 days of any changes in your circumstances that will result in the residence requirements not being met. For example, if you move out of the property, you must notify the State Revenue Office within 30 days.
If you are not familiar with the conveyancing process, it is important to seek professional advice from a conveyancer or solicitor.
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