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Please note: the information contained in our articles is general in nature and does not address the circumstances of any particular individual or entity. We endeavor to provide accurate and timely information, however cannot guarantee that it will continue to be accurate in the future. Always obtain appropriate professional advice for your circumstances . For more information or tailored advice, please contact your Ashfords advisor.

What’s this new tax:

On 20 March 2024, the Victorian State Government introduced the Commercial and Industrial Property Tax Reform Bill 2024 (legislation.vic.gov.au). The Bill is expected to become law and to take effect from 1 July 2024.

The Victorian Government, as announced in the 2023-24 Budget,  is progressively abolishing stamp duty on commercial and industrial property and replacing it with an annual tax.

The annual tax, to be known as the Commercial and Industrial Property Tax (CIPT), will be set at 1% of the property’s unimproved land value.

The tax will replace land transfer duty (stamp duty) that is currently payable on the improved value of the land when you purchase or acquire a commercial or industrial property in Victoria.

The new tax system will start to apply to commercial and industrial property if the property is transacted on or after 1 July 2024.

Struggling to recruit workers for your business?
Job vacancies have jumped 40% in 12 months, and ABS data shows there are currently 470,000 unfilled jobs in Australia.
Ashfords brings together experienced professionals to discuss how to recruit workers from overseas, including the legal, compliance and accounting considerations for businesses. 
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Welcome to Finance Matters with George Shaheen

Read Finance Matters and be informed on what's happening in the market and the current business environment.
For George's second blog post, he talks about interest rates & CPI, business challenges and talks about a recession.

Welcome to Finance Matters with George Shaheen

Read Finance Matters and be informed on what's happening in the market and the current business environment.
For George's first blog, he talks about the cost of living, interest rates, and how to be prepared for the future. 

The 2022-23 Victorian State Budget was handed down by the Victorian Treasurer on 3 May 2022 with the Government forecasting a net operating deficit of $17.6 billion this financial year.
The budget mainly focused on health, education and infrastructure projects within Victoria and introduced no key changes to Victoria’s current taxes and duties.

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