The new tax system will apply to commercial and industrial property transactions with both a contract and settlement date on or after 1 July 2024 in VICTORIAN STATE.
For these properties stamp duty will be paid one final time on the property if and when it is transacted, and the new annual Commercial and Industrial Property Tax will be payable 10 years after the final stamp duty payment, regardless of whether that property has transacted again.
If a property is sold again, stamp duty will not apply if the property continues to be used for commercial and industrial purposes.
The reform will not apply to:
* Commercial or industrial property purchased before 1 July 2024 in VICTORIA
* Properties primarily used for residential🏠, primary production, community services, sport, or heritage and culture purposes in VICTORIA, as coded by the Valuer-General.
To know more, please contact us 👩💻👩💻 at admin@taxrizz.com.au or at (03) 8789 9786.