Australia: Tax measures in 2021-2022 budget (Victoria)

Tax proposals included in budget for the state of Victoria

Tax proposals included in budget for the state of Victoria

The 2021-2022 budget for the state of Victoria includes revenue-raising measures.

The budget includes:

  • Proposed increases to stamp tax (duty) for properties valued at more than $2 million* and land tax for taxable landholdings valued at more than $1.8 million
  • A proposed new tax (effective 1 July 2022) on “windfall” gains of more than $100,000 in value that arise from planning decisions to re-zone land
  • A proposed levy (effective 1 January 2022) on employers with a national payroll greater than $10 million with the revenue to be used to fund mental health support services in Victoria

The budget also includes support for “zero emission” vehicles.

Read a May 2021 report [PDF 309 KB] prepared by the KPMG member firm in Australia 

$=Australian dollar

 

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