VIC Business Property Tax Reforms Pass Parliament

The Victorian Government’s plan to progressively abolish stamp duty on commercial and industrial properties has passed Parliament.

The transition to a commercial and industrial property tax will commence from July 1, 2024. From that date, stamp duty will be payable one final time on commercial and industrial properties as they are transacted – with no stamp duty applicable to any future sale of those properties.

The commercial and industrial property tax will apply 10 years after the next transaction and will be set at a flat rate of one per cent of a property’s unimproved land value per annum.

The Government claims the reforms amount to a $266 million tax cut in the first your years, adding 12,600 jobs and benefiting Victoria’s economy by up to $50 billion over the next 40 years in cumulative net present value terms.

As part of the transition, eligible purchasers will have the option of accessing a Government transition loan for the final stamp duty payment, allowing them to avoid any upfront lump sum payment – freeing up capital to invest and employ more workers.

Victorian Chamber of Commerce and Industry CEO Paul Guerra says it is a “milestone moment” for Victorian business that will encourage and promote growth”.

The Government will provide educational support to help industry and taxpayers transition to the new scheme.

Further details are available here.

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