Victorian property investors hit with land tax, stamp duty increase in state budget
ABCVictorian Treasurer Tim Pallas says next week's state budget will include tax increases and public sector savings as the government takes the "hard and necessary actions" needed to rebalance the books. Key points: A premium stamp duty will be introduced for property transactions above $2 million Mr Pallas said the changes were about making Victoria's tax system "fairer and more progressive" The cost of fines will begin to rise again from July 1, after a freeze introduced at the start of the pandemic Mr Pallas said $2.7 billion would be raised by a suite of measures including an increase to land tax for taxable properties worth more than $1.8 million. The Treasurer said the "modest" increase would only affect a fraction of the 10 per cent of Victorians who pay land tax, which is not paid on owner-occupied homes. Mr Pallas said the move would claw back around $40 million a year from developers and speculators who made huge profits after a local council's "stroke of a pen" to rezone industrial land for residential use.
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