News Archives

State Taxation Acts and Other Acts Amendment Act 2023

The Act introduces changes to several Acts, and includes changes to vacant residential land tax, and prohibitions on land tax and windfall gains tax apportionment as part of contracts and agreements.

https://www.sro.vic.gov.au/publications/changes-state-taxes-december-2023

Last updated: 12 December 2023

Commercial and industrial property tax from 1 July 2024

From 1 July 2024, land transfer duty (stamp duty) on commercial and industrial property will be abolished and replaced with the commercial and industrial property tax. 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.  The commercial and industrial property tax will be 1% of the property’s site value.  

https://www.sro.vic.gov.au/news/commercial-and-industrial-property-tax-1-july-2024

Last updated: 11 December 2023

Boost for Victorian Homebuyer Fund

The Victorian Government has announced an extra $500 million for the Victorian Homebuyer Fund. The funding will support around 3,000 more Victorians to purchase a home through the shared equity model, in which the government makes a financial contribution to the purchase price, in exchange for a proportional interest, or share, in the property.

https://www.sro.vic.gov.au/news/boost-victorian-homebuyer-fund

Last updated: 3 October 2023

New information on windfall gains tax

 From 1 July 2023, windfall gains tax applies to land that is rezoned resulting in a taxable value uplift to the land of more than $100,000.  

https://www.sro.vic.gov.au/news/new-information-windfall-gains-tax-0

Last updated: 15 June 2023

Duty payable on late settlement and default interest

Land Transfer Duty is calculated on the dutiable value of a property which includes late settlement interest resulting from late settlement, or settlement failing and being rescheduled. As such, duty is payable on late settlement interest.

https://sro.vic.gov.au/duty-payable-late-settlement-and-default-interest

Last updated: 4 November 2022

New information and guidance about the windfall gains tax

From 1 July 2023, a windfall gains tax applies to land that is subject to a government rezoning resulting in a value uplift to the land of more than $100,000. In determining the value uplift, all land owned by the person or group and subject to that rezoning is taken into account.

https://sro.vic.gov.au/windfall-gains-tax

Last updated: 12 October 2022 

New director ID requirement

If you want to become a director or are already one, you'll need a director ID to help prevent false or fraudulent director identities . A director ID is a unique identifier a director applies for once and keeps forever. It is free to apply on the new Australian Business Registry Services (ABRS) website managed by the Australian Taxation Office, 

https://www.abrs.gov.au/director-identification-number/who-needs-apply-and-when

Last updated: 5 November 2021

Commercial rent relief in Victoria: what landlords need to know

To ease pressure on Victoria’s small and medium-sized businesses, Victorian Government has reintroduced the Commercial Tenancy Relief Scheme for landlords whose small business tenants are having trouble paying rent because of coronavirus and ongoing restrictions to trade.

https://www.vsbc.vic.gov.au/news-publication/commercial-rent-relief-in-victoria-what-landlords-need-to-know/

Last updated: 29 October 2021

Land tax reduction

Land tax reduction of 25% and deferral for eligible landlords with a single commercial tenancy. Applications close 30 April 2022.

https://www.sro.vic.gov.au/2021-coronavirus-land-tax-relief

Last updated: 28 October 2021

Stamp duty waiver

Victorian Government has announced in its 2020-21 budget land transfer (stamp) duty waiver for purchases of Victorian residential property with a dutiable value of up to $1 million.

https://www.sro.vic.gov.au/land-transfer-duty-waiver-residential-property-transactions-1-million

Last updated: 22 June 2021