An overview by Corrs Chambers Westgarth, Taxand Australia
The Victorian Government has recently unveiled the Commercial and Industrial Property Tax Reform Bill 2024, which aims to abolish stamp duty on commercial and industrial property transactions in Victoria and replace it with an annual Commercial and Industrial Property Tax (CIPT).
This reform, set to begin in July 2024, will require a final stamp duty payment on eligible transactions, after which a 1% CIPT on the unimproved value of the property will be levied, starting ten years post-transaction. The bill also introduces exemptions from further stamp duty and reductions in landholder duty calculations.
Cameron Blackwood, Jennee Chan, Robert Clarke, Nathaniel Popelianski, Michael Carroll, Helen Mallaby, Chris Navarro, and Corey Blackwell from Corrs Chambers Westgarth, Taxand Australia, analyse this bill in more detail here.
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