COMMERCIAL PROPERTY, SALES & LEASING
THE Allan government has unveiled landmark reform to progressively abolish stamp duty on commercial and industrial properties from 1 July 2024...
The government will abolish the upfront cost of stamp duty and replace it with a new tax which it claims is more efficient and make it easier for businesses to...
Treasurer Tim Pallas said the removal of stamp duty, which has long been seen as a barrier to growth, is supported by industry groups and independent think tanks including the...
For these properties stamp duty will be paid one last time, with the Commercial and Industrial Property Tax to be payable 10 years after the last stamp duty payment...
When these properties are next sold, stamp duty will not apply – as long as the property continues to be used for commercial and industrial purposes, and even if the...
The Commercial and Industrial Property Tax will be set at a single flat rate of 1% of a property’s unimproved land value – there are no complicated graduated rates – and...
Furthermore, eligible purchasers will have the option of accessing a government-facilitated transition loan to fund their last stamp duty payment, freeing up capital for businesses...
The loan will be provided by the Treasury Corporation of Victoria on commercial terms with a fixed interest rate...
These reforms will not apply to properties whose primary purpose is residential, primary production, community services, sport, heritage or cultural. Existing stamp duty...
Pallas estimates the reform will benefit the Victorian economy by up to $50 billion in cumulative net present value terms...
“Stamp duty is a barrier for business wanting to invest and grow and that’s why we are making this landmark change. We’ve worked with businesses to get the design right and...
Victorian Chamber of Commerce and Industry CEO Paul Guerra said the reform is a bold, yet pragmatic move which will stimulate commercial property investment...