Australia: Overview of direct and indirect tax measures in 2023-2024 budget (Victoria)
The Victorian government’s budget 2023-2024 includes direct and indirect tax measures.
The Victorian government’s budget 2023-2024 includes direct and indirect tax measures.
The Victorian government’s budget 2023-2024, which was delivered on 23 May 2023, includes the following direct and indirect tax measures.
Replacement of commercial and industrial property stamp duty with annual property tax
An annual 1% tax on the unimproved land value of commercial and industrial property would be introduced commencing 1 July 2024 and would replace stamp duty for all commercial and industrial property. The tax would only apply after any sale of the property from 1 July 2024, and there would be a transitional period during which the first purchaser of the property from 1 July 2024 would be able to choose between:
- Paying the stamp duty as an upfront lump sum
- Transitioning to the annual property tax by paying fixed instalments over 10 years (with the total amount being equal to the stamp duty plus interest, with a government facilitated transition loan)
Other budget measures
- Abolition of business insurance duties
- Increase to payroll tax threshold
- New COVID-19 debt levy
- Increase to land tax absentee owner surcharge
- Increase to wagering and betting tax
- Removal of payroll tax exemption for high-fee non-government schools
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