Victorian land tax surcharge
In not so great news, from 1 January 2024, a temporary land tax surcharge has been introduced in Victoria
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The surcharge will increase the amount of tax payable on landholdings, though family homes are exempt.
The initiative, which is planned to run for the next decade, will see taxable landholdings valued between $50,000 and $100,000 attract a $500 surcharge and those between $100,000 and $300,000 attract a $975 surcharge. For landholdings valued over $300,000 a $975 flat surcharge and a 0.10% land tax increase will apply.
To obtain a comprehensive picture of how this may affect you and your investments please contact your Karaco Client Services Manager.