Stamp Duty Calculator VIC — Calculate Your Property Tax — Australia 2026
Calculate stamp duty (land transfer duty) on property purchases in Victoria Australia. See first home buyer exemptions and concessions for 2026.
Victoria charges land transfer duty on property purchases with rates starting at 1.4% for properties up to $25000 and reaching 6.5% for properties above $2 million. First home buyers receive significant concessions: full exemption on properties up to $600000 and concessions up to $750000. Victoria also charges an additional 1% premium duty on properties above $2 million and an 8% foreign purchaser surcharge.
How much stamp duty on $700000 house in Victoria?
For a $700000 property in Victoria a standard buyer pays approximately $37070 in land transfer duty. A first home buyer purchasing their first home receives a concession reducing this amount significantly (approximately $7414 for a $700000 property). For a $600000 property first home buyers pay zero stamp duty.
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How Tax Calculation Works
Income tax is calculated on your total taxable income after deducting eligible exemptions and deductions from your gross income. The tax is applied progressively — you pay a lower rate on initial income slabs and higher rates only on income that exceeds each threshold. This means moving into a "higher tax bracket" does not mean your entire income is taxed at the higher rate. Understanding marginal vs effective tax rate is crucial: your marginal rate applies only to the last rupee earned, while your effective rate is the average across all slabs.
Tax-Saving Strategies
Under the old regime, maximize deductions: Section 80C allows up to Rs 1.5 lakh through PPF, ELSS, EPF, and life insurance. Section 80D covers health insurance premiums up to Rs 25,000 (Rs 50,000 for senior citizens). Section 80CCD(1B) offers an additional Rs 50,000 deduction for NPS contributions. Home loan interest up to Rs 2 lakh is deductible under Section 24. Under the new regime, the Rs 75,000 standard deduction and lower slab rates may save you more if your total deductions are below Rs 3.75 lakh. Calculate under both regimes before choosing.
Key Information
| Parameter | Details |
|---|---|
| First Home Buyer Exemption | Full exemption up to $600000 |
| First Home Buyer Concession | Concession $600001 - $750000 |
| Standard Rate (on $800000) | Approximately $43070 |
| Foreign Buyer Surcharge | 8% additional duty |
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Use Calculator NowFrequently Asked Questions
How much stamp duty on $700000 house in Victoria?
For a $700000 property in Victoria a standard buyer pays approximately $37070 in land transfer duty. A first home buyer purchasing their first home receives a concession reducing this amount significantly (approximately $7414 for a $700000 property). For a $600000 property first home buyers pay zero stamp duty.
First home buyer stamp duty exemption Victoria?
First home buyers in Victoria pay no stamp duty on established homes or new homes valued up to $600000. For properties valued $600001-$750000 a sliding scale concession applies. Additionally the First Home Owner Grant provides $10000 for new homes valued up to $750000 in metropolitan areas and up to $750000 in regional areas. These benefits make the first purchase substantially more affordable.
Does Victoria have annual property tax instead of stamp duty?
Victoria is transitioning to an annual property tax for commercial and industrial properties replacing stamp duty with an annual levy from 2024. For residential properties stamp duty still applies at purchase. Some economists advocate replacing residential stamp duty with annual land tax nationwide but this remains a political debate. For now residential buyers must budget for the full upfront stamp duty cost.
Which tax regime should I choose — old or new?
Choose the new regime if your total deductions are below Rs 3.75 lakh. Choose the old regime if you claim HRA, 80C (Rs 1.5L), 80D, home loan interest, and NPS totaling more than Rs 3.75 lakh. Salaried employees can switch every year.
Is income up to Rs 12 lakh really tax-free?
Under the new regime for FY 2025-26, income up to Rs 12 lakh is effectively tax-free due to Section 87A rebate. After Rs 75,000 standard deduction, taxable income is Rs 11.25 lakh which qualifies for full rebate. However, income even slightly above Rs 12 lakh loses this entire benefit.
How can I save more tax legally?
Under the old regime, maximize 80C (Rs 1.5L via PPF, ELSS, EPF), 80D (Rs 25K-50K for health insurance), 80CCD(1B) (Rs 50K for NPS), HRA exemption, and home loan interest (Rs 2L under Section 24).
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Last updated: March 2026