Published on 03 October 2023
The State Taxation Acts and Other Acts Amendment Bill 2023, introduced into the Parliament of Victoria on 3 October 2023, proposes several amendments to Victoria’s taxation laws, including:
- expanding vacant residential land tax to all vacant residential land in Victoria from the 2025 tax year, subject to applicable exemptions
- expanding the definition of vacant residential land to include unimproved residential land that has been unimproved for 5 years or more in established areas of metropolitan Melbourne from the 2026 tax year
- prohibiting land tax apportionment between a vendor and purchaser under a contract of sale of land from January 2024
- prohibiting windfall gains tax from being passed onto a purchaser under a contract or option agreement entered into once a windfall gains tax liability has been assessed from January 2024
- changing the frequency of some reporting requirements, including foreign purchaser additional duty exemption reporting and absentee owner surcharge exemption reporting (from 6 months to 12 months).
The measures in the Bill must be approved by the Victorian Parliament before they can begin. You should only rely on the exact detail of them once the legislation is passed.
Our website will be updated with more detailed information over the coming weeks.
More information about the State Taxation Acts and Other Acts Amendment Bill 2023 can be found on the Parliament of Victoria website.