2020/21 Victorian State Budget Snapshot

2020/21 Victorian State Budget Snapshot

Land Transfer Duty Waiver
A 50% duty concession for new residential properties and a 25% duty concession for existing residential properties will apply for contracts entered into between 24 November 2020 and 30 June 2021.

The previously announced 50% duty concession on the acquisition of commercial and industrial properties in Regional Victoria will now be brought forward and apply for contracts entered into on or after 1 January 2021.

Land Tax Relief
 A 50% land tax discount will apply for “eligible” new build-to-rent projects starting 1 January 2022 and apply until 1 January 2040.

The above “eligible developments will also qualify for a full exemption from the absentee owner surcharge on land tax for the same period.

The concessional land tax rate currently available to certain not-for-profit clubs will be replaced with a full exemption.

Payroll Tax Relief
A Waiver or refund of 2019-20 payroll tax for small and medium sized employer entities with Victorian taxable wages of less than $3 million.

Deferral of 2020-21 payroll tax payments for up to 13 months following the standard due date, where the employer entity had less than $10 million in Victorian taxable wages for 2019-20.

Employer entities with annual Australian group wages less than $10 million will receive a non-refundable new jobs tax credit of 10 cents for every dollar of Victorian wages paid in 2020-21 and 2021-22 above the previous year’s level.

 

 

 

 

 

 

 

Contributed by Jarrad Andrews.

 

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