Revenue Estimates, Rates and Grants 2024–25

RERG-24

About this publication

Revenue Estimates, Rates and Grants 2024–25 provides a snapshot of key rates, thresholds and grants for the 2024-25 year.

Disclaimer

Revenue estimates are as at 30 June 2024.

Updated estimates are periodically issued and are available from the Department of Treasury and Finance. All other rates, grants and levies quoted in this publication are intended as a guide only.

While every effort is made to ensure that the information contained in this publication is accurate, we make no representations or warranties in relation to its accuracy as it is subject to change. Any person using or relying on this information accepts the risk of doing so. We do not accept any responsibility or liability for any loss, damage, cost or expense any person might incur as a result of the use of, or reliance on, this information.

Land transfer duty

General rates

Land transfer duty general rates apply when you acquire land, or an interest in land, in Victoria. General rates also apply to landholder duty transactions.
Dutiable value	Duty
$25,000 or less	1.4%
> $25,000 to $130,000	$350 plus 2.4% of dutiable value > $25,000
> $130,000 to $960,000	$2,870 plus 6% of dutiable value > $130,000
> $960,000 to $2,000,000	5.5%
> $2,000,000	$110,000 plus 6.5% of dutiable value > $2,000,000

Principal place of residence rates

Duty concessions may apply to a principal place of residence.
Dutiable value	Duty
$25,000 or less	1.4% of dutiable value
> $25,000 to $130,000	$350 plus 2.4% of amount > $25,000
> $130,000 to $440,000	$2,870 plus 5% of amount > $130,000
> $440,000 to $550,000	$18,370 plus 6% of amount > $440,000
> $550,000	General rates apply

Eligible first home buyer rates

First home buyers may be eligible for an exemption or concession from duty.
Dutiable value	Duty
$0 to $600,000	No duty payable
> $600,000 to $750,000	Concessional rate calculated on sliding scale
> $750,000	General rates apply

Foreign purchasers of residential property

A foreign purchaser of residential property pays additional duty. This also applies to landholder duty transactions.
Additional duty on transactions	8%

Duty on establishment of a trust

More about duty and declarations of trust.
Unidentified property and non-dutiable property	$200

General insurance duty

Additional duty on insurance

More on general insurance duty.
Amount of gross premium	10%
Amount of gross premium (business insurance)	9%

Land tax

Land tax rates have increased this year as part of the Victorian Government’s COVID Debt Repayment Plan.

General rates 2024
Taxable value	Tax
< $50,000	Nil
$50,000 to < $100,000	$500
$100,000 to < $300,000	$975
$300,000 to < $600,000	$1,350 plus 0.3% of amount > $300,000
$600,000 to < $1,000,000	$2,250 plus 0.6% of amount > $600,000
$1,000,000 to < $1,800,000	$4,650 plus 0.9% of amount > $1,000,000
$1,800,000 to < $3,000,000	$11,850 plus 1.65% of amount > $1,800,000
$3,000,000 and over	$31,650 plus 2.65% of amount > $3,000,000

Trust surcharge rates 2024
Taxable value	Tax
< $25,000	Nil
$25,000 to < $50,000	$82 plus 0.375% of amount > $25,000
$50,000 to < $100,000	$676 plus 0.375% of amount > $50,000
$100,000 to < $250,000	$1,338 plus 0.375% of amount > $100,000
$250,000 to < $600,000	$1,901 plus 0.675% of amount > $250,000
$600,000 to < $1,000,000	$4,263 plus 0.975% of amount > $600,000
$1,000,000 to < $1,800,000	$8,163 plus 1.275% of amount > $1,000,000
$1,800,000 to < $3,000,000	$18,363 plus 1.1072% of amount > $1,800,000
$3,000,000 and over	$31,650 plus 2.65% of amount > $3,000,000

Absentee owner surcharge

Absentee owners are subject to an additional surcharge on the taxable value of their taxable land holdings.
2024 onwards	4%

Vacant residential land tax (VRLT)

From 1 January 2025, VRLT will apply to residential land across all of Victoria if the land is vacant for more than 6 months in the preceding calendar year.

The rate of VRLT is based on the number of consecutive tax years the land has been liable for VRLT and is:
Vacant	Year 1	Year 2	Year 3
Rate	1%	2%	3%

Growth areas infrastructure contribution (GAIC)

Where applicable, the rate of interest payable on deferred GAIC liabilities or those subject to a staged payment approval is 5.1331%.

GAIC rates

Contribution area land

Rate per HA

Type A

$115,530

Type B-1 / B-2 / C

$137,230

Excluded building works threshold	$1,444,370

Windfall gains tax

Tax on rezoning of land that results in a taxable value uplift.

Windfall gains tax uplift amounts and rates
Uplift amount	Rate
$100,000 to < $500,000	62.5%
$500,000 or more	50%

Metropolitan planning levy (MPL)

The MPL is calculated on the estimated cost of the development for which the planning permit is required. The threshold is adjusted by CPI on 1 July each year.

MPL threshold and rates
Threshold and rate	Amount
Threshold	$1,271,000
Rate	$1.30 per $1,000

Commercial and industrial property tax

Land transfer duty on commercial and industrial property will be progressively abolished and replaced with the commercial and industrial property tax. From 1 July 2024, properties will transition into the new reform if there is an eligible dutiable transaction or relevant acquisition.

Payroll tax

From 1 July 2024, the allowable deduction will be phased out for businesses that pay wages over $3,000,000. Businesses with Australian wages above $5,000,000 will not receive any payroll tax-free threshold.

Payroll tax threshold and rates
Threshold and rates	Amount
Tax-free threshold	$900,000
Tax rate	4.85%
Regional tax rate	1.2125%
Mental health and wellbeing surcharge:
> $10,000,000 to $100,000,000 Australian wages	0.5% on VIC wages
Any amount above $100,000,000 Australian wages	Additional 1% on VIC wages
COVID-19 debt temporary surcharge:
> $10,000,000 to $100,000,000 Australian wages	0.5% on VIC wages
Any amount above $100,000,000 Australian wages	Additional 1% on VIC wages

Gambling taxes

Wagering and betting tax
Threshold and rate	Amount
Threshold	$1,000,000
Rate	15%

Keno tax
Keno tax rate (GST inclusive)	24.24%

Commercial passenger vehicle service levy

The commercial passenger vehicle service levy applies to every taxi and hire car trip, including ride share, originating in Victoria.
Taxi/hire car per trip	$1.20

Congestion levy

Levy rates are annually indexed by CPI. They are published on our website in mid-November for the next levy year.

Map of the Category 1 and 2 levy areas.

Congestion levy rates
Congestion levy area	2024 levy
Category 1	$1,690 per car space per annum
Category 2	$1,200 per car space per annum

Motor vehicle duty

These rates apply when:

a vehicle is registered
the registration is transferred, or
there is a change in the predominant use of the vehicle.

Motor vehicle duty is collected by VicRoads.

Motor vehicle duty rates
Vehicle and value	Duty rate
Green car — all values	$8.40 per $200 or part thereof
Primary producer passenger car — all values	$8.40 per $200 or part thereof
Other passenger car $0–$80,567	$8.40 per $200 or part thereof
Other passenger car > $80,567–$100,000	$10.40 per $200 or part thereof
Other passenger car > $100,000–$150,000	$14.00 per $200 or part thereof
Other passenger car > $150,000	$18.00 per $200 or part thereof
New motor vehicle — not a passenger car	$5.40 per $200 or part thereof
Used motor vehicle — not a passenger car	$8.40 per $200 or part thereof

First Home Owner Grant

First Home Owner Grant for new Victorian home purchases and builds that do not exceed $750,000	$10,000

Property Clearance Certificate

Fee per certificate	$18.90