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NSW Budget | foreign owner duty & land tax surcharges

25/06/2024

On 18 June 2024, the New South Wales Government released its 2024-25 budget with plans to increase the foreign purchaser duty surcharge and foreign owner land tax surcharge. From the 2025 land tax year (1 January 2025), the NSW Government will increase the rate of the foreign purchaser duty surcharge from 8% to 9%. The […]

QLD Budget | Foreign owner duty & land tax surcharge

17/06/2024

On 11 June 2024, the Queensland Government released its 2024-25 budget with plans to increase the additional foreign acquirer duty and foreign owner land tax surcharge. The Queensland Government will increase the rate of the additional foreign acquirer duty (AFAD) from 7% to 8% from 1 July 2024, AFAD is levied on foreign buyers of […]

涉及公司和信托的空置住宅土地税新动态

12/06/2024

根据空置住宅土地税（VRLT）的规定，维多利亚州度假屋的业主可以松一口气了，因为那些以信托或公司形式持有的物业现在可以申请度假屋豁免。 政府兑现了承诺，将 VRLT 度假屋豁免扩大适用至公司和信托持有的土地。根据目前议会正在审议的《2024年州税修正案》，在 2023 年 11 月 28 日之前持有家庭度假屋的公司和信托将能申请豁免，与个人申请豁免基本相同。 在 2024 年 12 月 31 日之前要及早思考并实施任何紧急措施，以确保在下一轮评估中取得预期成果。 空置住宅土地税（VRLT）回顾 全维多利亚州的居住用地 VRLT 指： · 对被认定为在一个自然年内“空置 ”超过 6 个月的维多利亚州住宅物业征收的年度物业税 · 其目前适用于墨尔本内城区的土地，但从 2025 年 1 月 1 日起，其将适用于维多利亚州全境的住宅物业 · 此外，还需缴纳州土地税和联邦年度空置费 · 目前税率为土地资本改良价值的 1%，而如果土地连续三年需要缴纳 VRLT，税率就可能会提高到 3%。 如果业主所拥有的居住用地在上一个自然年内空置超过 6 个月，则应在 1 月 15 日之前通知州税局。 未改良的居住用地 自 2026 年 1 月 1 […]

Vacant residential land tax update - companies and trusts

24/05/2024

Under the Vacant residential land tax (VRLT), owners of holiday homes in Victoria can breathe a sign of relief with those properties held in trusts or companies now may be appliable for the holiday home exemption. The Government has delivered on its promise to extend the VRLT holiday home exemption in relation to land held […]

Government announces expansion of vacant residential land tax in Victoria

09/10/2023

As part of the State Taxes Acts and Other Acts Amendment Bill that has been introduced to Parliament, the Allan government is set to expand the Vacant Residential Land Tax (VRLT) from 1 January 2025 to apply statewide. Currently, the VRLT applies to only inner and middle suburbs of Melbourne. VRLT will continue to be […]

ATO Ruling TR 2023/3: Impact on deductibility of holding vacant land expenses

09/10/2023

The Australian Taxation Office (ATO) has finalised Taxation Ruling TR 2023/3, an update to the draft ruling TR 2021/D5. This ruling, effective from 1 July 2019, focuses on the deductibility of expenses related to holding so called “vacant” land. Taxpayers considering holding or investing in land need to understand the implications of this ruling. Summary […]

VIC State Budget 2023/24

24/05/2023

The 2023/24 State Budget delivered by the Victorian Government seeks to repay COVID-19 debt through taxing big business and property investors. Temporary levies and job cuts are central to the 10-year fiscal repair plan which are set to impact business and employment. Key takeaways Larger businesses and landlords will have to pay additional taxes to […]

Land transfer duty – Acquisition of economic entitlements in relation to land (service fees)

12/09/2022

The State Revenue Office of Victoria (SRO) recently released a draft Ruling on the operation of the economic entitlement provisions contained in the Duties Act 2000 (Duties Act). Our experts look at whether the guidance provides clarity for the property industry and investors. On 30 August 2022 the State Revenue Office of Victoria (SRO) released […]

NSW property tax reform

22/06/2022

The NSW Government has announced first home buyers will be able to choose to pay an annual property tax instead of stamp duty. This significant proposed property tax reform aims to reduce the upfront cost for purchasing a home. First home buyers purchasing properties up to $1.5m as their principal residence will now be able […]

Broader university exemption for Windfall Gains Tax, VIC

25/05/2022

Further to legislation passed in November 2021, current proposed amendments to Victoria’s Windfall Gains Tax expands exemption for universities. Introduction of Bill includes a further exemption State Taxation and Treasury Legislation Amendment Bill 2022 (part 8) provides an exemption from the Windfall Gains Tax for land owned by a university in certain circumstances.  Background The […]