Planning reform, a tax shakeup and incentives for developers are needed to revive apartment development and ease Victoria’s rental crisis, according to property experts at Pitcher Partners. Severe shortages of apartments in Victoria are heaping pressure on affordability, with rental values rising 17.7 per cent year on year to reach $526 per week, according to … Continued
A promised housing package from the Victorian Government could see a range of changes to short stay accommodation . A debated ‘Airbnb tax’ is just one, imposing levies and yearly caps on short stay property use . Reducing some land taxes and other fees could encourage landowners to make vacant dwellings available for longer term rent.
Pitcher Partners and McMahon Clarke, together with the Melbourne and Sydney Compliance Groups, held a Compliance Committee Forum Webinar for a briefing on the latest issues for financial services.
Today’s 2023-24 State Budget saw the Treasurer announce a significant reform to Victoria’s duty regime, with duty on commercial and industrial properties to be replaced over time with an annual property tax.
The finer details of the new regime are unlikely to be known for some months as we understand the Government intends to consult with industry before introducing the relevant legislation into Parliament. However, based on the Government’s media release we understand the change will involve:
As part of a plan to create more affordable homes and slow the growth of the city’s urban fringe, abolishing stamp duty could improve accessibility to the housing market. However, the state has become increasingly reliant on property taxes including stamp duty, which now account for more than 40% of state revenue. The other main property tax in the state’s revenue base is land tax, with many landowners experiencing staggering increases in their land tax, between 25% and 150% in some cases this year.
Land tax assessment notices for the 2023 land tax year are in the process of being issued by the State Revenue Office of Victoria.
Revenue NSW announced this week that the duty and land tax surcharges imposed on foreign owners of land in NSW is inconsistent with the international tax treaties entered into by the Federal Government with New Zealand, Finland, Germany and South Africa.
As the Christmas season fast approaches, benefits are typically provided to employees and clients by employers, by associates of employers, or under an arrangement with a third party in the form of entertainment and gifts. These benefits often attract FBT.
On 25 November 2022, the Senate passed the Treasury Laws Amendment (Electric Car Discount) Bill 2022 with amendments. The amendments were accepted by the House of Representatives on 28 November and the Bill now awaits Royal Assent.