Hi ,
"Tax" - a word about as appealing to most people
as "death" - both of which Benjamin Franklin said were the only certainties in life.
And in 2024, the Victorian government is certainly pursuing a host of changes to residential and commercial property taxes!
Amendments to the Sale of Land Act 1962 came into effect on the 1st January, changing the way vendors and purchasers share the cost of land tax and windfall gains tax. Legislative change now prevents vendors from passing on land tax and option agreements with respect to windfall gains tax to buyers in the contract of sale, in certain circumstances. For details on this
legislative change, check out our blog post.
Mid year will see a new Commercial and Industrial Property Tax replacing stamp duty on commercial and industrial properties in Victoria.
Effective from the 1st July 2024 the Commercial and Industrial Property Tax will be set at 1% of the property’s unimproved land value, and will
apply to commercial and industrial property transactions with contract and settlement dates on or after 1 July 2024.
The details of the new Commercial and Industrial Property Tax are contained in our blog post.
