18 May 2021

Victorian State Budget Revenue Measures 2021-22

Keshni Maharaj, Michelle Pham

In anticipation of the Victorian State Budget announcement, the Victorian Treasurer has forewarned of a number of tax measures aimed at those with significant dealings in land in Victoria.  Specifically, these measures include:

  • an increase of 0.25% in the land tax rate for taxable landholdings exceeding $1.8 million;
  • an increase of 0.30% in the land tax rate for taxable landholdings exceeding $3 million; and
  • the introduction of a premium stamp duty rate of 6.5% for transactions with a dutiable value above $2 million.

The proposed changes are slated to begin on 1 July 2022.  However, we expect further detail on proposed transitional arrangements for contracts signed before 30 June 2021 will be released when the Budget is handed down on Thursday 20 May 2021.

More to come.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.