Commercial and industrial property tax effective from 1 July 2024

Published on 22 May 2024

The Victorian Government’s proposal to progressively abolish land transfer duty (stamp duty) on commercial and industrial property received Royal Assent on 21 May 2024. Starting from 1 July 2024, the new commercial and industrial property tax will take effect.

The landmark reform, announced in the 2023-24 State Budget, transitions commercial and industrial properties to a new tax scheme upon their sale. Property owners will be required to pay an annual tax based on 1% of the property’s site value, commencing 10 years after the first eligible transaction.

The passage of this legislation follows extensive consultation and detailed planning. For more information on the commercial and industrial property tax visit our webpage.