Victorian State Budget Revenue Measures 2021-22

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.