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Victorian State Budget 2023-24 – Tax Update

Victorian State Budget 2023-24 – Tax Update

Our Tax Advisory Partners, Craig Whatman and Irina Tan, and Client Director, Elena Bogomolova, discuss the changes to Victoria’s state taxes that were announced as part of the 2023-24 State Budget, as well as those contained in the State Taxation Acts Amendment Bill 2023 which is currently before Parliament.

Those changes include:

  • The replacement of stamp duty on commercial and industrial properties with an annual property tax
  • As part of the COVID Debt Repayment Plan, the introduction of levies for payroll tax and land tax
  • Amendments to the payroll tax-free threshold and removal of the payroll tax exemption for non-government schools
  • Amendments to the duty, land tax and payroll tax provisions to deal with Corporate Collective Investment Vehicles
  • A new requirement in relation to objections against the valuations used for Windfall Gains Tax assessments

The information presented in this webinar was accurate at the time of recording, 14 June 2023.
This content is general commentary only and does not constitute advice. Before making any decision or taking any action in relation to the content, you should consult your professional advisor. To the maximum extent permitted by law, neither Pitcher Partners or its affiliated entities, nor any of our employees will be liable for any loss, damage, liability or claim whatsoever suffered or incurred arising directly or indirectly out of the use or reliance on the material contained in this content. Pitcher Partners is an association of independent firms. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. Liability limited by a scheme approved under professional standards legislation.

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