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  • Writer's pictureNagisa Takaki

Land Tax News - State Taxation Acts and Other Acts Amendment Bill 2023

Updated: Dec 5, 2023

In October 2023, the Victorian government introduced into the Parliament proposed amendments to Victoria's taxation laws.

NB: These changes are proposals only and must be approved by the Parliament before they can begin. Please do not rely on the information contained in this article until the legislation has been passed.

These proposed amendments include -

1. Expanding vacant residential land tax to all vacant residential land in Victoria from 2025 tax year, subject to applicable exemption.

2. Expanding the definition of vacant residential land to include unimproved residential land that has been unimproved for 5 years or more in established areas of metropolitan Melbourne from the 2026 tax year.

3. Prohibiting land tax apportionment between a vendor and a purchaser under a contract of sale of land from January 2024.

4. Prohibiting windfall gains tax from being passed onto a purchaser under a contract or option agreement entered into once a windfall gains tax liability has been assessed from January 2024.

5. Changing the frequency some reporting requirements, including foreign purchaser additional duty exemption reporting absentee owner surcharge exemption reporting from 6 months to 12 months.

As a reminder, the measures in the Bill must be approved by the Victorian Parliament before they are commenced. You should only rely on the details announced once the legislation is passed.

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