Increased rate on land transfer duty for high-value properties
The Government announced an increased rate of land transfer duty with a new threshold high-value property transactions to be introduced.

For contracts entered into from 1 July 2021 with a dutiable value above $2 million, the land transfer duty payable will increase to $110,000 plus 6.5 per cent of the dutiable value in excess of $2 million.

Increase in the threshold for the off-the-plan duty concession
For contracts entered into from 1 July 2021 to 30 June 2023, the threshold for the off-the-plan concession for land transfer duty will increase to $1 million. The property must be the principal place of residence for at least one of the purchasers, consistent with current eligibility requirements.

Land transfer duty concession for new residential property within the Melbourne local Government areas
A concession of up to 100 per cent of the land transfer duty will be available on the purchase of new residential property, in the Melbourne local Government area, with a dutiable value of up to $1 million.

For new residential property, unsold for less than 12 months since completion, a 50 per cent concession will be provided. The 50 per cent concession is expected to be in place for contracts entered into from 1 July 2021 to 30 June 2022.

Purchases of a new property that have been unsold for 12 months or more since completion will be exempt from duty. The 100 per cent concession is expected to be in place for contracts entered into from 21 May 2021 to 30 June 2022.