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vacant land tax
Results for "vacant land tax"
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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 […]
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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 […]