Australia’s parliament of Victoria has passed the Commercial and Industrial Property Tax Reform Bill 2024, new provisions will come into effect starting 1 July, 2024.
Under the reform, stamp duty will be payable one last time on commercial and industrial properties at the point of transaction. There won’t be any stamp duty on future sales. Instead, a commercial and industrial property tax will be imposed 10 years after the next transaction, set at a flat rate of 1% of the property’s unimproved land value per year.
