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Author Archive | Nick Walker

real estate investment concept, buy house, location, energy efficiency rating and property value, Real estate online on virtual screens. home search, land price, property tax, real estate market

VRLT — holiday home exemption extended to discretionary trusts and certain other structures

The holiday home exemption (HH Exemption) from the vacant residential land tax (VRLT) in Victoria has been extended to holiday homes owned by companies, unit trusts, fixed trusts and discretionary trusts (DT) provided certain criteria is met. This extension was in the State Taxation Amendment Act 2024 (Vic) (STA Act) that was finalised as law [read more]

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The new commercial and industrial property tax that starts in Victoria on 1 July 2024

Overview The Victorian Government has introduced a new tax regime on commercial and industrial property (CIP) in Victoria that starts on 1 July 2024. Broadly, the new tax relies on phasing out transfer duty over a 10-year period and replacing the upfront duty on subsequent transfers with an annual commercial and industrial property tax (CIPT). [read more]

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Objecting against land tax in Victoria

Overview With recent increases in property values and ongoing changes to the land tax rules, more property owners may wish to object against their land tax assessments. Recent changes in Victoria include a reduction to the general land tax free threshold to $50,000 (prior to January 2024, this threshold was $300,000 resulting in an estimated [read more]

real estate investment concept, buy house, location, energy efficiency rating and property value, Real estate online on virtual screens. home search, land price, property tax, real estate market

Victoria’s vacant residential land tax – holiday home exemption

The vacant residential land tax (VRLT) applies to all vacant residential land throughout Victoria from 1 January 2025. This tax can also apply to holiday homes unless the holiday home exemption (HH Exemption) or another exemption applies. What is VRLT? VRLT was originally introduced in 2017 to assist with housing affordability as overseas purchasers were [read more]

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Recent AFCA decision protects SMSF interests

A recent Australian Financial Complaints Authority (AFCA) decision highlights the consequences for financial advisers when they fail to meet their service obligations. Under the Corporations Act 2001 (Cth) (CA) financial advisers are required to ‘act in the best interests of the client’ and ‘must only provide advice if it would be reasonable to conclude that [read more]

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Victoria’s new annual tax on commercial and industrial property from 1 July 2024

Overview A new commercial and industrial property (C&I Property) tax of 1% p.a. applies in Victoria from 1 July 2024. This new tax will be levied on the land’s unimproved value and is payable in addition to any land tax. Duty on the purchase of C&I Property will be phased out. This article reflects the guidance [read more]

Trader writing increasing graph on coins stacking for investment profit growth and saving concept.

Vacant residential land tax — Q&A from recent DBA webinar

This question and answer sheet was prepared following a recent webinar on VRLT presented by DBA Lawyers. A number of queries were raised at this webinar. This Q&A is a summary of the key queries with brief answers. Naturally, we would be pleased to assist with any query. Q-1. Can VRLT be tax deductible? A-1. [read more]