Australia: Details of proposed tax amendments, including vacant residential land tax changes (Victoria)
The State Revenue Office Victoria released further details of proposed amendments in the bill
The State Revenue Office Victoria released further details of proposed amendments in bill
Following the introduction of the State Taxation Acts and Other Acts Amendment Bill 2023 to the Parliament of Victoria, the State Revenue Office Victoria released further details of the proposed amendments in the bill, which include:
- Expanding vacant residential land tax to all vacant residential land in Victoria from the 2025 tax year, subject to applicable exemptions
- Expanding the definition of vacant residential land to include unimproved residential land that has been unimproved for five years or more in established areas of metropolitan Melbourne from the 2026 tax year
- Prohibiting land tax apportionment between a vendor and purchaser under a contract of sale of land from January 2024
- Prohibiting windfall gains tax from being passed onto a purchaser under a contract or option agreement entered into once a windfall gains tax liability has been assessed from January 2024
- Changing the frequency of some reporting requirements, including foreign purchaser additional duty exemption reporting and absentee owner surcharge exemption reporting (from six months to 12 months)
The measures in the bill are subject to approval by the Victorian Parliament.
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