Following consultation between the Victorian Government, businesses and industry representatives during 2023, from the 1st July 2024 a new Commercial and Industrial Property Tax will replace stamp duty on commercial and industrial properties in Victoria.
It is expected that key elements of the reform will bring the following benefits:
- Encourage businesses to expand or set up in the best location, for example closer to their customers or where there is a growing workforce.
- Support businesses to invest in buildings and infrastructure.
- Promote more efficient use of commercial and industrial land.
The Commercial and Industrial Property Tax will be set at 1% of the property’s unimproved land value and will apply to commercial and industrial property transactions with contract and settlement dates on or after 1 July 2024.
Further details can be found at: https://www.dtf.vic.gov.au/sites/default/files/document/Commercial%20and%20Industrial%20Property%20Tax%20Reform%20%E2%80%93%20Information%20Sheet.pdf
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