The Commercial and Industrial Property Tax Reform Bill 2024 Introduction The Commercial and Industrial Property Tax Reform Bill 2024 marks a pivotal shift in the landscape of property taxation. As businesses and economic landscapes evolve, so too must the frameworks that govern them. This Tax Reform Bill 2024 seeks to address growing concerns about fairness, … Read more
The State Taxation Acts and Other Acts Amendment Act 2023 has received Royal Assent on the 12th of December 2023, and is now law in Victoria. The Act introduces several changes to Victoria’s taxation laws, including: expanding vacant residential land tax (VRLT) to all vacant residential land in Victoria from the 2025 tax year, subject … Read more
The State Taxation Acts and Other Acts Amendment Bill 2023 was introduced into the Parliament of Victoria on 3 October 2023 and proposes a number of changes to Victoria’s taxation laws, including: expanding vacant residential land tax to all vacant residential land in Victoria from the 2025 tax year, subject to applicable exemptions expanding the … Read more
New Pensioner Stamp Duty Concessions 2023-24 The Victorian State budget 2023-24 announced a number of changes to stamp duty and land tax that effect Pensioner Card Holders. So, the new Pensioner Stamp Duty Concessions are as follows: If you signed a contract to buy your home before 1 July 2023, these rules apply If you signed a contract … Read more
What is the Windfall Gains Tax? The Windfall Gains Tax is set to commence in Victoria on the 1st of July 2023 The tax liability is created when a land rezoning creates an increase in land value of more than $100,000 The land owner at the time of the rezoning is liable for the tax … Read more
The First Home Guarantee is part of the Home Guarantee Scheme, an Australian Government initiative to support eligible first home buyers purchase a home sooner. It is administered by the National Housing Finance and Investment Corporation on behalf of the Australian Government. Under the First Home Guarantee, part of an eligible first home buyer’s home … Read more
The Albanese Government’s 2022-23 Budget has announced the National Housing Accord, which contains new initiatives that are designed to tackle housing affordability and supply issues in Australia. The government’s aim is to align all levels of government, and the construction sector to help tackle the nation’s housing problem. What is the National Housing Accord? The … Read more
Victoria may one day follow in the footsteps of New South Wales by giving first homebuyers the option to pay land tax instead of stamp duty. The Victorian government is currently reviewing its stamp duty system, with the option of switching to a land tax model being considered as a way to make buying a … Read more