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Investors and home buyers in Victoria will have just 30 days to pay their stamp duty obligations if new laws introduced into parliament come to fruition.
According to a report published in The Age, Victorian Treasurer Kim Wells introduced the new laws to parliament late last week, which if successful, will reduce the timeframe for stamp duty payments from 90 days to just 30.
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Mr Wells said the changes would occur as of April 1 next year and confirmed the move was part of the government’s bid to achieve its pledged surplus of at least $100 million a year by bringing forward stamp duty revenues, the report said.
"It is an economically responsible measure that does not result in Victorians paying more tax," Mr Wells told parliament.
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