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Key VIC changes introduced by the State Taxation Further Amendment Bill 2024

10/12/2024

The State Taxation Further Amendment Bill 2024 introduces key reforms for Victoria, including expanded CIPT duty exemptions, strengthened FPAD and AOS provisions, a land tax exemption for charitable housing providers, payroll tax updates, and other minor amendments. The State Taxation Further Amendment Bill 2024 (the Bill) received Royal Assent on 3 December 2024. The key […]

New temporary off-the-plan duty concession

25/10/2024

On 21 October 2024, the Victorian Government announced a temporary off-the-plan duty concession to ease the financial burden for buyers of off-the-plan properties like apartments and townhouses in strata subdivisions.   This new concession is set to last for 12 months and attempts to address ongoing challenges in the Victorian property market, particularly amid high construction […]

Victorian Government introduces 7.5% short stay levy to Parliament

11/09/2024

Short stay booking platforms and owners of short stay accommodation should be aware of the new tax commencing from 1 January 2025. On 27 August 2024, the Victorian Government released the Short Stay Levy Bill 2024 (Vic). The Bill introduces a levy of 7.5% on booking fees for providers of short stay accommodation from 1 […]

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 […]

VIC State Budget 2024/25

09/05/2024

The Victorian State Budget 2024/25 seeks to address the inflationary and interest rate pressures and focuses on health and education spending. With high debt levels, Treasurer Tim Pallas has curbed infrastructure expenditure with property taxes set to increase. Key takeaways What does the State Budget mean for you? Property & infrastructure Payroll Tax Contributors William […]

Commercial and Industrial Property Tax Reform webinar

09/04/2024

The Victorian Commercial and Industrial Property (CIPT) Tax Reform is the most significant Victorian property tax reform in more than 30 years. Anyone looking to buy or sell commercial or industrial property should stay informed. SW is delighted to invite you to our Commercial and Industrial Property Tax Reform webinar where our experts will share […]

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 […]

Victorian capital raising | Risk of landholder duty and the Oliver Hume case

05/09/2023

The VCAT decision in Oliver Hume Property Funds v Commissioner of State Revenue held that units issued to investors under a capital raise via an Information Memorandum (IM) to fund the acquisition of a property in Victoria are to be aggregated as associated transactions for the purpose of the landholder duty rules.   This means that […]