Authority Updates - Victoria - May 2016

Victorian State Revenue Office

Changes to Duty and Form 62 for foreign purchasers

The recent 2016-17 Victorian Budget was released by the Treasurer and included an amendment to the duty applicable for foreign purchasers. 

The Foreign Purchaser Additional Duty will increase from 3 per cent to 7 per cent. This will apply to the full contract price on purchase contracts signed on or after 1 July 2016.

SRO has noted that a new version of the Form 62 will be available from the SRO website to reflect the change.

The current version of the Form 62 noting 3 per cent can still be used for properties with contracts signed up until this date - for matters contracted after 1 July 2016 if the previous version form is presented we will not be able to assess Stamp Duty on the matter and process the file for the lodgment of the transfer of ownership and if applicable the mortgage.

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Disclaimer: The information herein has been prepared by SAI Global Property Division Pty Ltd  ACN 089 586 872 from information released by the Authority cited on this page. It is provided as general background information only; it is not complete; and it does not comprehensively address this subject matter. Readers should not consider the information so provided as advice nor as a recommendation to take any particular course of action. Persons needing advice should consult their own solicitor, accountant or other professional adviser.