In a lmove to support Victorian businesses, a significant tax reform has passed Parliament, signalling the end of stamp duty for commercial and industrial properties starting from 1 July 2024.
This progressive reform will phase out stamp duty and introduce a more efficient commercial and industrial property tax. The change aims to facilitate business expansion, investments in new land and buildings, and increased employment opportunities across Victoria.
The reforms are projected to deliver a $266 million tax cut over the first four years, potentially creating 12,600 jobs and enhancing Victoria’s economy by up to $50 billion in cumulative net present value over the next 40 years, an official press release said.
The development of this reform has involved close collaboration between the Labor Government, industry, and the property sector, culminating in its confirmation in the Victorian Budget 2024/25.
Starting from 1 July 2024, stamp duty will be paid for the last time on commercial and industrial properties during transactions, with no stamp duty applicable to any subsequent sales of those properties.
The new commercial and industrial property tax will take effect 10 years after the next transaction, set at a flat rate of 1 percent of a property’s unimproved land value per annum.
To ease the transition, eligible purchasers will have access to a government transition loan for the final stamp duty payment, helping to avoid upfront lump-sum payments and freeing up capital for further investments and hiring.
The Labor Government is also committed to providing educational support to help industry and taxpayers adapt to the new tax scheme.
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