Victorian property owners are facing an unprecedented land tax onslaught, and alarm bells are ringing across the state. From “mum and dad” investors to small business owners and farmers, the message from the Allan Government’s new Treasurer, Jaclyn Symes, is clear: brace yourselves for higher tax bills, and don’t expect much sympathy from Spring Street.
Despite mounting evidence of hardship, Treasurer Symes has doubled down on the government’s position. She recently defended the steep new land tax and emergency services levy, stating that landlords and investors have a “higher capacity to pay” and should shoulder the burden, while owner-occupiers are largely spared4. This rationale offers cold comfort to everyday Victorians who have invested in a single rental property for their retirement, or to small business owners operating from mixed-use premises now caught in the tax net3.
Farmers, too, are sounding the alarm. The Victorian Farmers Federation has warned Parliament that land tax disproportionately impacts agriculture, threatening the viability of family farms and making it harder for young farmers to get a start5. Yet, their concerns appear to fall on deaf ears, with no indication from the Treasurer that relief is on the horizon.
Compounding the pain, the Vacant Residential Land Tax will now apply statewide from 2025, capturing properties vacant for more than six months and levying tax on their full improved value69. Many property owners are only now realising the full implications as assessment notices land in their mailboxes8.
The Treasurer’s “tin ear” to the real-world impact of these changes is deeply concerning. At Hayton Kosky, we urge affected clients-especially small business owners, farmers, and “mum and dad” investors-to seek legal advice promptly. Don’t wait until the taxman comes knocking: understand your rights, review your assessments, and explore your options before it’s too late.