UncategorisedLand Tax 2024 – what can you say?

4 January 2024

Report #1 – 380,000 Victoria property owners will get their very first land tax bill for $500+. This and increases on existing land tax rates of 0.1% will lift and raise every other land tax assessment. Excuse: pay for the COVID debt. I am guessing this includes the Debt for the Big Build but this isn’t mentioned in any government press release


Report #2. As for all contracts of sale dated after 1 Jan 2024, there is a blanket prohibition on apportioning land tax liability between a vendor and a purchaser under a contract of sale. No exceptions, except for contracts greater than $10M.  Source State Taxation Acts and Other Acts Amendment Act 2023.  Prohibiting land tax adjustments represents a significant departure from a decades-old practice which is well understood.