Australia: Direct and indirect tax measures introduced in 2023-2024 budget (Victoria)

Tax measures that were announced in the 2023-2024 Victorian budget

Tax measures that were announced in the 2023-2024 Victorian budget

With the passing of the Victorian Government’s State Taxation Acts Amendment Act 2023 this week, State Revenue Office Victoria (SRO) has confirmed various changes to the state taxes.

The Act introduces measures that were announced in the 2023-2024 Victorian budget including:

  • A new duty exemption for a transfer of land from an immediate family member to a person with a disability
  • An increase to the property value thresholds for pensioner and concession cardholder duty exemption and concession
  • A temporary land tax surcharge from the 2024 land tax year
  • An increase to the absentee owner surcharge rate from 2% to 4%
  • A temporary payroll tax surcharge to employers who pay Australia wide wages of $10 million* or more

*$=Australian dollar


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