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Please note: the information contained in our articles is general in nature and does not address the circumstances of any particular individual or entity. We endeavor to provide accurate and timely information, however cannot guarantee that it will continue to be accurate in the future. Always obtain appropriate professional advice for your circumstances . For more information or tailored advice, please contact your Ashfords advisor.

What’s this new tax:

On 20 March 2024, the Victorian State Government introduced the Commercial and Industrial Property Tax Reform Bill 2024 (legislation.vic.gov.au). The Bill is expected to become law and to take effect from 1 July 2024.

The Victorian Government, as announced in the 2023-24 Budget,  is progressively abolishing stamp duty on commercial and industrial property and replacing it with an annual tax.

The annual tax, to be known as the Commercial and Industrial Property Tax (CIPT), will be set at 1% of the property’s unimproved land value.

The tax will replace land transfer duty (stamp duty) that is currently payable on the improved value of the land when you purchase or acquire a commercial or industrial property in Victoria.

The new tax system will start to apply to commercial and industrial property if the property is transacted on or after 1 July 2024.

Last week, Ashfords hosted the latest Building Business Value seminar. Maximising Business Value: Break Through the Barriers brought together a diverse panel of experts, featuring specialists from talent, marketing and finance to help businesses identify and overcome common barriers to enhance their business value. 

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