The payroll tax-free threshold will be increased: In addition, eligibility will be assessed on the total value of the purchase. The land transfer duty pensioner exemption and concession thresholds will be aligned with the thresholds for first home buyers, at $600,000 and $750,000 respectively.
The deduction threshold for the land transfer duty special disability trust concession will increase from $500,000 to $1.5 million for principal place of residence transfers.Ī new land transfer duty concession will apply for the transfer of a home valued up to $1.5 million by an immediate family member to an individual eligible to be a beneficiary of a special disability trust. The land tax exemption for principal places of residence under construction or renovation will be expanded to provide the Commissioner of State Revenue with discretion to extend period by two years if builder goes into liquidation.Ī new land tax exemption will apply to land protected by a conservation covenant with Trust for Nature.Ī new land tax exemption will apply to land owned by an immediate family member and used as the home of an individual eligible to be a beneficiary of a special disability Trust, including where a special disability trust has not been established. The absentee owner surcharge rate will increase from 2 per cent to 4 per cent and the minimum threshold for non-trust absentee owners will decrease from $300,000 to $50,000. (The threshold for land held by an absentee trust remains unchanged at $25,000.) For taxable landholdings over $250,000:.For taxable landholdings between $100,000 and $250,000 - a $975 flat surcharge will apply.an increased rate of land tax by 0.10 percentage points.For taxable landholdings over $300,000:.For taxable landholdings between $100,000 and $300,000 - a $975 flat surcharge will apply.For taxable landholdings between $50,000 and $100,000 - a $500 flat surcharge will apply.This means the value of exempt property is not included in your landholdings. The surcharge will apply for 10 years until 30 June 2033.ĬOVID-19 debt - temporary land tax surchargeĪ new COVID-19 debt temporary land tax surcharge will apply in addition to existing land tax from the 2024 land tax year for ten years.Įxempt properties - including your home - remain exempt from this surcharge. The annual property tax for commercial and industrial property will be 1 per cent of the property’s unimproved land value.ĬOVID-19 debt - temporary payroll tax surchargeĪ temporary payroll tax surcharge will apply on wages paid in Victoria by businesses with national payrolls over $10 million a year.Ī rate of 0.5% will apply for businesses with national payrolls above $10 million, and businesses with national payrolls above $100 million will pay an additional 0.5%. Land transfer duty (stamp duty) on commercial and industrial properties will be abolished and replaced with an annual property tax.įrom 1 July 2024, commercial and industrial properties will transition to the new system as they are sold, with the annual property tax to be payable from 10 years after the transaction.
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