As at 1 July 2025, a foreign purchaser buys a new $750,000 apartment in Melbourne. How much foreign purchaser additional duty is payable, on top of standard land transfer duty?
Correct Answer
D) $60,000
As at 1 July 2025, Victoria's foreign purchaser additional duty is 8% of the dutiable value of residential property, on top of standard land transfer duty: $750,000 × 8% = $60,000. The stem specifies a new apartment because, from 1 April 2025 to 30 June 2029 (as extended in the 2026–27 Budget), foreign persons are generally barred from buying established dwellings.
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As at 1 July 2025, an eligible first-home buyer in Victoria buys a home to live in for $650,000. What land transfer duty relief applies?
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