Victorian Build to Rent Concessions introduced
14/10/2021
The Victorian Government has introduced Build to Rent Concessions in the form of a 50% reduction in land tax and an exemption from the land tax Absentee Owner Surcharge.
Build to Rent (BTR) projects which will in turn ensure Victorians have access to more rental homes and a greater range of housing options. BTR Benefits will be introduced to promote Victorian BTR projects. The BTR Benefits will comprise of:- A 50% reduction in land tax for eligible BTR projects;and
- Exemption from Absentee Owner Surcharge for eligible BTR projects.
- It must provide for at least 50 self-contained dwellings
- It is owned by the same owners
- It must be managed by a single management entity (except affordable housing or social housing projects)
- It must be suitable for occupancy after 1 January 2021 and before 1 January 2032; and
- It must be rented or available for rent under a residential rental agreement. The tenant must have an option of at least a 3 year fixed term rental but may elect a shorter term.
What action needs to be taken?
The BTR concessions are only available to eligible projects. A review should be undertaken of proposed projects to determine eligibility.How SW can help
Our team can assist with this review and the application to the Commissioner. Reach out to one of our property experts below for support.Get in touch
Matt Birrell E [email protected] Abi Chellapen E [email protected] James Ye E [email protected] Robert Parker E [email protected]