Opening doors

First Home Owner Grant | Stamp Duty savings | Payroll Tax savings

First Home Owner Grant for Regional Victorians

The First Home Owner Grant has doubled to $20,000 for newly built homes in regional Victoria.

This is expected to help up to 6,000 first home buyers purchase a house, boost local construction jobs and development, and encourage more people to call regional Victoria home.

It means more doors are now open for first home buyers, generating more jobs and growth for regional Victoria.

To find out how to apply for the First Home Owner Grant and access FAQ’s visit the State Revenue Office website.

Stamp Duty exemption and concession for first home buyers

Stamp duty has been abolished for first home buyers for purchases of homes below $600,000.

If you are buying a home valued between $600,000 and $750,000 you will also be eligible for a concession, applied on a sliding scale.

The exemption and concession will apply to both new and established homes and is opening more doors for Victorian’s to find their first home.

To find out more about this measure and calculate your stamp duty visit the State Revenue Office website.

Payroll Tax changes for regional Business

The Victorian Government has reduced the employer payroll tax rate by 25% for regional employers, from 4.85% to 3.65% - making it one of the lowest payroll tax rates in Australia.

We’ve also changed the payroll tax-free threshold from $575,000 to $625,000.

This is a significant change for businesses looking to expand their operations, and a huge boost for regional jobs growth, which is already the fastest in the nation.

It means more doors are now open for your business to grow in regional Victoria.

To see if your business is eligible and access FAQ’s visit the State Revenue Office website.