The State Taxation Further Amendment Act 2024 received Royal Assent on Tuesday 3 December 2024.

The Act introduces several changes to Victoria’s taxation laws, including:

  • various amendments to vacant residential land tax provisions
  • a new payroll tax exemption for contractor and employee general practitioners who provide bulk-billing
  • enabling the Commissioner to reassess payroll tax beyond 5 years for employers who underpaid wages
  • new duty exemptions and concessions for transactions under the commercial and industrial property tax reform scheme
  • expanded access to home buyer duty benefits and the First Home Owner Grant for people with legal disabilities and special disability trusts
  • abolishing the land transfer duty exemption for friendly societies
  • restricting the insurance duty exemption for friendly societies to entities that have kept their mutual membership structure and traditional objects
  • ensuring liabilities for foreign purchaser additional duty and absentee owner surcharge for the period 1 January 2018 to 8 April 2024 are imposed as intended
  • a new land tax exemption for charities providing housing to residents in need of relief of poverty
  • specifying that the definition of sale price under the Sale of Land Act 1962 includes GST
  • amendments to the Valuation of Land Act 1960 to improve the operation of that Act.

Click here to find out more about the changes.

 

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