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  • Gabriella Ferraro

State Revenue Office: Vic State Budget 2023 - 2024

Written by Nagisa Takaki

The Victorian Government released the State Budget for 2023-2024, including a number of announcements related to legislation administered by the State Revenue Office.

The following key points have been summarised below:

Principal place of residence concession – Builder insolvencies situation

From 2024 land tax year (1 Jan 2024), in instances where a builder goes into liquidation, the land tax exemption for principal places of residence under construction or renovation will be expanded to provide the Commissioner of State Revenue with discretion to extend period by two years.

Land transfer duty on commercial and industrial properties

Commencing 1 July 2024, stamp duty on commercial and industrial properties will be abolished and replaced with an annual property tax meaning that upfront land transfer duty will be not payable for commercial and industrial properties. 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 for the first purchaser. The property tax for commercial and industrial properties will be 1 % of the unimproved value of the property.

Transfer duty - Pensioner exemption and concession threshold

For contracts entered into from 1 July 2023, the land transfer duty pensioner exemption and concession thresholds will be aligned with the thresholds for first home buyers, at $600,000 and $750,000 respectively.

In addition, eligibility will be assessed on the total value of the purchase.

COVID – 19 debt – temporary land tax surcharge

From the 2024 land tax year, a new COVID-19 debt temporary land tax surcharge will apply in addition to existing land tax from the 2024 land tax year for ten years.

Exempt properties — including your home — remain exempt from this surcharge. This means the value of exempt property is not included in your landholdings.

Please note that these measures must be approved by Parliament before they can apply. These announcements are only proposals sat this stage and you should only rely on the details of the changes once the legislation has passed.

The information in this blog is for general information only. If you require advice on any topics mentioned in this article, please contact our office.

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