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KPMG responds to Victorian Government stamp duty move

KPMG responds to Victorian Government stamp duty move

Michelle Bennett, KPMG State Taxes Partner, said:

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“The Victorian government has swapped the sledgehammer it wielded when imposing significant tax surcharges on overseas buyers for a housing affordability scalpel, in a more targeted and policy-based tax reform.

But there are risks in reducing off-the-plan concessions for investors, as it could put the brakes on new residential development. That would run counter to the purpose of a ‘vacancy tax’ in driving rental availability.

Details of the anticipated exemptions for the vacancy tax will be critical in ensuring that revenue projections - and stock increases - are actually realised.”

Further information

Ian Welch
Senior Communications Manager, KPMG
T: 02 9335 7765 / 0400 818 891
E: iwelch@kpmg.com.au

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