Did you know you can apply for a stamp duty refund from the State Revenue Office if you've mistakenly paid too much stamp duty? This is called a stamp duty reassessment and it allows you to get your money back! In this article we will explain how to apply for a stamp duty refund in Victoria and when you are eligible for one.
Stamp Duty Refund Eligibility
You can obtain a duty refund when you've accidentally paid too much stamp duty at settlement, or if your personal circumstances have changed and become eligible to pay less stamp duty.
Below are three common scenarios when this occurs:
- You forgot to apply a stamp duty concession when you first bought the property. Common concessions are: the first home buyer concession, the off the plan concession, pensioner/concession card holder discount, the permanent place of residence, and the young farmer concession.
- Your circumstances changed after you've bought a property. For example you originally bought a property as an investment but then decided to live in it as your home. You might then become eligible for some discounts, such as the permanent place of residence concession.
- You bought a vacant block of land as an investment but then decided to build a property on it and live in it as your home. You may become eligible for the first home buyer grant and concession.
How To Apply For A Stamp Duty Refund Vic?
After you've assessed what discounts you're eligible for but forgot to claim, or in the alternative become eligible for due to change of circumstances. You are to lodge your stamp duty reassessment application with the State Revenue Office. You can also engage a Melbourne conveyancing lawyer do this on your behalf.
The State Revenue Office will ask for the following:
- The stamp duty refund application form. Also known as the "Duties Form 63: Duties Refund SmartForm".
- A full copy of the contract of sale.
- A copy of the title search and transfer of land showing property ownership and amount of money paid to acquire it.
- Other relevant documents in respect to the concession you're seeking to get a refund for, for example: concession card or pensioner card, building contract, or off the plan stamp duty declarations.
How Long Does The Process Take?
It takes the State Revenue Office up to 60 days to process a stamp duty refund application.
When Do I Get My Money?
If the application is successful the overpaid duty will be refunded into your nominated bank account right away upon its success. During the application process you nominate what bank account you want the money refunded into.
How Much Does It Cost To Apply?
The State Revenue Office does not charge a fee to lodge a refund application. However it is best to seek a professional to draft and lodge your refund application. This will ensure your application has the best prospects of success and you obtain all the refunds you are entitled to. Please make sure you act quickly if you believe you are eligible for a refund as some stamp duty concessions have strict deadlines.
If you want to find out whether you are entitled to obtain any stamp duty refunds please feel free to contact our office on 03 9708 5564 or by filling in the form below. We offer a fixed fee refund service of $550.00 (GST inclusive) + Disbursements.