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Victoria to cut stamp duty payment deadline

The time limit for the payment of stamp duty will be reduced under laws introduced by Victoria’s Baillieu government late last week.

Treasurer Kim Wells said the cut, from 90 days after settlement to 30 days, is designed to provide the government with earlier access to funds.

Eighty-five per cent of stamp duty is already paid within 30 days, if not at settlement, Mr Wells told parliament.

“It is an economically responsible measure that does not result in Victorians paying more tax,” he said.

The preceding Brumby government tried unsuccessfully to reduce the stamp duty time limit to 14 days in 2009.

Criticisms included that it would cause more people to be fined for late payment.

The change will begin on 1 April 2012, enabling a surplus of $100 million in the 2011/2012 financial year.

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