The Victorian Government recently announced in the 2017/2018 Victorian Budget that it will remove the exemption from stamp duty for the transfer of non – principal place of residence properties between spouses or domestic partners from 1 July 2017.
This means that if you are considering transferring property between spouses or domestic partners, and the property is not your principal place of residence, you should seek legal advice and ensure such a transfer takes place prior to 1 July this year.
The stamp duty exemption will remain in place where a property is a principal place of residence, or where there is a relationship breakdown between spouses or domestic partners.
If you would like further information please do not hesitate to contact us.
To find out more about whether your property is affected by these changes please contact us on 03 9864 8444.