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Commercial and Industrial Property Tax Reform: Bill Introduced - to be effective from 1 July 2024

11 Apr

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.

Ashfords Building Business Value Seminar Recap.

5 Oct '23

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.

How a chance encounter changed the fortunes of Down’s Community Farm

20 Sep '23

A conversation at a community event kicked off productive philanthropic relationship between Ashfords and Down’s Community Farm. Twelve months on, we reflect on some of the key outcomes, including a successful grant submission that secured $200,000 in funding.