Australia: Important tax changes in Victoria continue – Commercial and Industrial Property Tax and stamp duty

In brief

On 20 March 2024, the Commercial and Industrial Property Tax Reform Bill 2024 (Vic) ("Bill") was introduced into Victorian Parliament. The Bill, once passed, will reform the Victorian transfer duty and landholder duty regimes in respect of eligible commercial and industrial property ("CIPT Regime"), with transfer duty to be largely replaced by a Commercial and Industrial Property Tax (CIPT) of a flat rate of 1% of the taxable value of the land (broadly, site value). There is no absentee surcharge on CIPT.

CIPT will be payable in addition to land tax.


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