Monday, 9 July 2007

PPR concession on our new home

A few weeks ago, I wrote an article about how the land transfer duty, and possible ways of reducing it. I came across one today.

We are still going through the paperwork on our new house purchase and came across a concession from the Victorian's SRO. It is called the PPR concession or the Principle Place of Residence concession. The SRO has a site outlining what is a PPR concession is and how it is calculated.

In a nutshell, for the price range that our house falls into, we will enjoy a 1% discount in the duty calculation, saving us about $1600 dollars.

The concession is capped to a maximum value of $2850.

I have to thank our currently Victorian government for this concession as it become effectively from the start of 2007. Hooray for Steve Bracks and his team!!

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