The surprise announcement came on the first day of parliament since Jacinta Allan became premier
Victoria’s treasurer has shocked the property industry and even some of his colleagues by announcing an expansion of taxes on vacant residential land during Jacinta Allan’s first day of parliament as premier.
Tim Pallas told an industry breakfast on Tuesday that he planned to introduce legislation to parliament this week, which will see the vacant residential land tax expanded to include the whole state from 1 January 2025.
The tax currently only applies to empty residential properties the inner and middle suburbs of Melbourne that have been vacant for six months, and is charged at 1% of the total value of the property, including the buildings on site.
Read the rest of the article on The Guardian: https://www.theguardian.com/australia-news/2023/oct/03/victoria-to-expand-vacant-residential-land-tax-across-the-state-in-bid-to-increase-housing-supply