ANNOUNCEMENT 29 May 2019
The regional government of Victoria increased the land tax surcharge rate for all types of land in Victoria owned by foreigners.
NUMBER OF INTERVENTIONS
Victoria State Government. Treasury and Finance. 2019-20 State Budget - Service Delivery. Retrieved on 5 July 2019. Available at: https://www.dtf.vic.gov.au/2019-20-state-budget/2019-20-service-delivery
Victoria State Government."Delivering for all Victorian" Vicotiran Budget 19/20. Service Delivery. Budget Paper No. 3, page 124. Available at: https://s3-ap-southeast-2.amazonaws.com/budgetfiles201920.budget.vic.gov.au/2019-20+State+Budget+-+Service+Delivery.pdf
State Revenue Office Vicotria. Absentee owner surcharge. Retrieved on 5 July 2019. Available at: https://www.sro.vic.gov.au/absentee-owner-surcharge
On 29 May 2019, the regional government of Victoria has adopted the 2019/20 Budget increasing the absentee land tax surcharge rate from 1.5% to 2%.
The new surcharge applies to individuals, corporations and trusts who hold any type of land in the Victorian region and that matches any of the followings:
The tax surcharge is calculated on the total taxable value of Victorian land owned by the foreign individual which is added to the individual's Victorian land tax assessment.
Surcharges do not apply to if the total taxable value of the land is below the threshold of AUD 250,000 (approx. USD 173,000).