In Victoria, what is the name of the tax payable by a purchaser on the transfer of real property?
Correct Answer
D) Land transfer duty
In Victoria, the tax a purchaser pays on the transfer of land is land transfer duty, imposed by the Duties Act 2000 and administered by the State Revenue Office. It is still commonly called stamp duty, and the SRO uses both terms. It is calculated on the dutiable value on a sliding scale.
Why This Is the Correct Answer
Land transfer duty is the Victorian tax payable by a purchaser on the transfer of land. It is imposed under the Duties Act 2000, administered by the State Revenue Office, and calculated on the dutiable value. It is also widely known as stamp duty.
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