A Guide To Understanding Land Tax: Part 1 Overview of Land Tax
VCAT finds the sub-sale double duty provisions are triggered due to land development
The Victorian Civil and Administrative Tribunal’s (VCAT) decision in Hartman v Commissioner of State Revenue (Review and Regulation) [2022] VCAT 28 (Hartman Case) is a rare decision on the application of the sub-sale “double duty” provisions in the Duties Act 2000 (Vic) (Act).
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
Managing Tax and Revenue Office Audits During COVID-19
Primary production land tax exemption knocked back – the Annat case
Annat v Commissioner of State Revenue [2020] VSC 108 (Annat) highlights the real risk faced by some farm owners in qualifying for a primary production land tax exemption .
Due to the Victorian State Revenue Office’s approach and scrutiny on primary production lands of late, traditional farming land owners are finding that they now must understand the difficult legislative requirements surrounding primary production land tax exemptions, the resulting structuring and record keeping requirements to ensure that they are not unintentionally exposing themselves to large land tax liabilities.