29th Nov 2011

Stamp duty concessions

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YOURLifeChoices subscriber James is considering downsizing but is concerned about the level of stamp duty he may have to pay. However, there’s good news with the Victorian State Government now offering increased concession savings.

Q. James
I am an age pensioner who is about to buy a new house/land package as a principle place of residence. Do I have to pay stamp duty/ property tax? And if so, at what rate?

A. From1 July 2011, the Victorian State Government made changes to the level of concessional stamp duty. Full details can be found by clicking the link below.

http://www.yourlifechoices.com.au/news/increased-concessions-for-pensioners





COMMENTS

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biddi
30th Nov 2011
11:30am
I have the same concern as James. Badly wanting to downsize but very concerned about the Stamp Duty for a new home. What is the score regarding Stamp Duty in Western Australia, please? Find the Stamp Duty very prohibitive. Thanks.
Debbie McTaggart
30th Nov 2011
1:31pm
Hi Biddi, WA do not seem to offer stamp duty concessions for seniors, only first home buyers. You can find out more from the Office fo State Revenue - http://www.finance.wa.gov.au/cms/section.aspx?id=209
Moni
30th Nov 2011
1:34pm
Like Biddy, I too, would like to know the situation in WA as I am thinking about downsizing. This would only be possible, however, if the Western Australian Government offered similar concession as the Victorian Government.
Suzie cockroach
21st Aug 2013
11:11am
Victorian govt doesn't go far enough either as 25 years gives them quite a cop out!
biddi
30th Nov 2011
2:23pm
Thankyou, Debbie. Hopefully, sooner rather than later, WA will follow Victoria's lead. Fingers crossed, Moni!
biddi
30th Nov 2011
10:13pm
I think it would be a great idea if the staff of Life Choices could arrange to have an on-line petition organised for us to sign requesting our respective States (except Victoria) to urgently introduce concessional Stamp Duty fees for seniors. I think the real estate agents would like this as things would start moving and we'd all be winners.
Suzie cockroach
21st Aug 2013
11:08am
Couldn't agree more but I feel they need to make it owning a home for 10 years, 25 years is far too long. Perhaps remove the time frame altogether if both parties in the household are aged pensioners. It is daunting to be facing the exorbitant stamp duty and many elderly people remain in homes too big and don't get the aged care assistance they need (I know this as it happened me us, the department just couldn't supply the staff is always the excuse).

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