Victorian Tax Changes for 2018

The State Taxation Acts Amendment Bill 2018, which received Royal Assent in early June, introduces a number of changes to payroll tax, duties and unclaimed money, including those flagged in the 2018-19 Victorian Budget. The amendments, most of which apply from 1 July 2018, include those to the:

Payroll Tax Act 2007

• Reducing the payroll tax rate from 3.65 per cent to 2.425 per cent for qualifying regional businesses.

Duties Act 2000

• Exempting Australian Defence Force personnel from the first home buyer duty exemption/concession residency requirement.
• Aligning the young farmer duty exemption threshold with the exemption threshold for the first home buyer duty exemption, with the exemption available for farmland purchases valued up to $600,000 and the concession for purchases valued from $600,001 to $750,000.
• Introducing an exemption from foreign purchaser additional duty for foreign purchasers jointly purchasing a principal place of residence with their spouse/domestic partner who is an Australian citizen or permanent resident, or a New Zealand citizen holding a special category visa.

Unclaimed Money Act 2008

• Enabling executors or administrators of deceased estates to make a valid claim where a grant of probate or a letter of administration has been granted, sealed or re-sealed by a Supreme Court of any Australian State or Territory.

Find out more about these and the other amendments

To discuss how this may impact your circumstances please contact PPT on (03) 5331 3711.