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23 March 2012 | VICTORIAN STAMP DUTY UPDATE

> VICTORIAN STAMP DUTY UPDATE

 

From 1 April 2012, the time period to pay stamp duty and lodge documents for dutiable transactions will be 30 days, instead of the existing regime of 3 months.

 

The commencement of the time period is generally from settlement of the relevant document/transaction. 

This will include duty on Transfers of Land and Family and Unit Trust Deeds.

 

Transitional arrangements are in place from 1 April 2012 to 30 June 2012, including:

 

  1. No penalty tax being imposed for late payments during the transitional period;
  2. No premium interest being charged on late payments of duty during the transitional period; and
  3. Market interest will however be imposed on late payments (unless special circumstances can be shown).

 

Please contact us if you wish to learn more.