The State Taxation Acts Amendment Bill 2018 received Royal Assent on 13 June 2018 and introduces a number of changes to the Acts administered by the State Revenue Office.
This amends the Payroll Tax Act 2007, Duties Act 2000 and Unclaimed Money Act 2008, and includes the 2018-19 Victorian Budget announcements in May 2018.
The amendments include:
Payroll Tax Act 2007
- Reducing the payroll tax rate from 3.65 per cent to 2.425 per cent for qualifying regional businesses from 1 July 2018. A regional business is a business with an ABN registered in regional Victoria which pays at least 85 per cent of its payroll to regional employees.
Duties Act 2000
- Exempting Australian Defence Force personnel from the first home buyer duty exemption/concession residency requirement for transfers occurring on or after 1 July 2018. This exemption applies to current members of the Australian Army, Air Force or Navy who are enrolled to vote in Victoria. The exemption does not apply to Australian Army, Air Force or Navy reservists or to Australian Public Service staff.
- Aligning the young farmer duty exemption threshold with the exemption threshold for the first home buyer duty exemption for transfers occurring on or after 1 July 2018. The exemption is available for farmland purchases valued up to $600,000, with a concession for purchases valued from $600,001 to $750,000.
- Introducing an exemption from foreign purchaser additional duty for foreign purchasers jointly purchasing a principal place of residence with their spouse/domestic partner who is an Australian citizen or permanent resident, or a New Zealand citizen holding a special category visa. This applies for transfers from 14 June 2018.
Unclaimed Money Act 2008
Enabling executors or administrators of deceased estates to make a valid claim where a grant of probate or a letter of administration has been granted, sealed or re-sealed by a Supreme Court of any Australian state or territory.
Find out more about these and the other amendments.
