Australia: Overview of tax measures in 2022-2023 budget (Victoria)

Land tax and stamp duty relief provided for certain taxpayers

Land tax and stamp duty relief provided for certain taxpayers

The Victorian government’s budget for 2022-2023 reflects a commitment for health spending, and is focused on health infrastructure and supporting recovery of the sector that bore the brunt of the pandemic. This year’s budget has allocated significant spending towards the ongoing coronavirus (COVID-19) pandemic response.

In terms of new revenue measures, the government announced an increase to the maximum marginal tax rate for electronic gaming machines operated at casinos that would generate approximately $85 million* over the forward estimates. 

Other indirect tax measures concern:

  • Land tax—from 1 January 2022 through 31 December 2031, eligible “build to rent” developments receive a 50% land tax concession for up to 30 years and a full exemption from “absentee owner surcharge” over the same period.
  • Stamp duty—first-home buyers may be exempt from paying stamp duty if they buy a property for $600,000 or less, with concessions available for properties valued up to $750,000. In 2021, over 51,000 stamp duty concession and exemption claims totaling approximately $900 million were granted to Victorian citizens. The first home owner grant provides eligible first home buyers $10,000 to help them purchase a newly constructed home. Over 21,000 grants valuing $275 million were provided in 2021—a 23% increase in number compared to 2020.

Read a May 2022 report [PDF 388 KB] prepared by the KPMG member firm in Australia

*$=Australian dollar

 

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