ARTICLE · 28 JUNE 2023

Victorian tax changes to impact property owners

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The Victorian government recently unveiled significant changes to state taxes which will impact property owners.

AustraliaTax

James Christodoulakis

ALERT: Victorian tax changes to impact property owners

The Victorian government recently unveiled several significant changes to state taxes, introducing various amendments together with some of the changes announced in May's budget. The State Taxation Acts Amendment Bill 2023 (the Bill) had previously passed the Legislative Assembly and on Tuesday night was passed by the Legislative Council.

One of the key changes outlined in the Bill is the introduction of temporary COVID-19 debt levies for payroll tax and land tax. These levies will provide additional revenue streams to go some way towards dealing with the costs incurred by the Government during the pandemic. Moreover, adjustments will be made to the payroll tax-free thresholds and exemptions, further increasing payroll tax revenue.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Madgwicks is a member of Meritas, one of the world's largest law firm alliances.

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