Holiday homes to be hit by Victoria’s vacant residential land tax unless usage documented
New Year – New Changes: Top 20 Victorian State Tax Measures From 1 January 2024, Including Vacant Residential Land Tax Changes
Victoria has a wide range of significant State tax changes commencing 1 January 2024 which impact numerous individuals, businesses, and land holders. Many were introduced under the State Taxation Acts and Other Acts Amendment Act 2023 which received Royal Assent on 12 December 2023.
Baullo – Forgiveness of beneficiary loans trigger land transfer (stamp) duty for a distribution of a property from a trust
It has been a long held view of the State Revenue Office (SRO) that if beneficiary loans are forgiven in connection with a distribution of real estate from a discretionary trust to a beneficiary, then the duty exemption in section 36A of the Duties Act 2000 (Vic) will not apply and the transfer will trigger land transfer (stamp) duty.
Another day another Victorian tax, prohibition against adjusting land tax and other (nasty) changes
Without consultation, the Victorian Government has introduced the State Taxation Acts and Other Acts Amendment Bill 2023 (Bill) which will make a number of significant changes.
Is your Airbnb property eligible for the small business CGT concessions?
With land tax rate increases and surcharges imminent as a result of the Victorian State Budget for the 2023-2024 year (see our article here), Victorian landowners may be reconsidering their investment property portfolios and the merits of selling versus keeping.
Petroulis – Renting principal place of residence invalidates land tax exemption - Commissioner has no discretion
The recent Victorian Civil and Administrative Tribunal’s (Tribunal) decision in Petroulis v Commissioner of State Revenue [2022] VCAT 1054 dismissed the taxpayers’ request for review of the land tax assessments issued by the Commissioner.
Horse breeding found to qualify for the primary production land tax exemption
The NSW Supreme Court’s (NSWSC) decision in Godolphin Australia Pty Ltd v Chief Commissioner of State Revenue [2022] NSWSC 430 (Godolphin Case) is instructive as it provides guidance into the ambit and scope of the land tax primary production exemption particularly in relation to the breeding of horses.
A Guide To Understanding Land Tax: Part 1 Overview of Land Tax
Tribunal decision shows the difficulty of satisfying the primary production land tax exemption for farm land that is leased
The primary production land tax exemption remains an important concession for farmers and the owners of farm land. The Civil and Administrative Tribunal of New South Wales has added to the list of recent land tax cases offering insight into the application of the primary production land tax exemption.
A Guide To Understanding Land Tax: Part 2 Land held on Trust
A Guide to Understanding Land Tax: Part 3 – Foreign (Absentee Owner) surcharge and the vacant residential land tax surcharge
As discussed in Part 1 and Part 2 of this series, land tax is a state and territory tax levied on the total taxable value of land held by taxpayers in particular jurisdictions. In the case of foreign owners who are deemed to be absent from their properties, additional land tax may be levied on the taxable value of such properties. In Victoria, the foreign person land tax surcharge is known as the absentee owner surcharge regime.
A Guide To Understanding Land Tax: Part 4 Aggregation, Grouping and “Degrouping”
As discussed in Part 1 and Part 2 of this series, land tax is levied on the total taxable value of land held by a taxpayer in a particular jurisdiction. Land tax is then levied on a progressive graduated scale. That is, the higher the value of land that you own the higher the rate of land tax you pay.
A Guide to Understanding Land Tax: Part 5 Valuations
As discussed in this Land Tax Series, land tax is a state and territory tax levied on the total taxable value of land held by taxpayers in particular jurisdictions. Land tax is assessed on a calendar year basis on the land you own at midnight on 31 December.
A guide to understanding Land Tax Part 6: Principal place of residence exemption
Windfall Gains Tax - legislation released – certain concessions granted
In line with the 2021/22 Victorian Budget announcements and following targeted consultations with various stakeholders, the Victorian Government has recently tabled a Bill to introduce the windfall gains tax - Windfall Gains Tax and State Taxation and Other Acts Further Amendment Bill 2021 (Bill).
A Guide to Understanding Land Tax: Part 7 - Primary Production Exemption
This is part 7 of our Land Tax Series which aims to deconstruct the various aspects of the complex land tax legislation.
A guide to understanding Land Tax Part 8: Charities, sporting clubs, not for profits and other exemptions
A Guide to Understanding Land Tax: Part 9 – Objections
Lotus Oaks Part 1 – Primary production land tax exemption - principal business is farming requirement
The recent Supreme Court of Victoria decision of Lotus Oaks Pty Ltd as trustee for the Bozzo Family Trust v Commissioner of State Revenue [2021] VSC 388 is significant as it provides further clarification on the application of the primary production land tax exemption for land located in greater Melbourne in an urban zone. This is part one in a series of three articles on this decision.