LAND TAX DEFERRAL to March 2021

The Victorian Government has announced a range of tax measures including a Land Tax Deferral to support businesses through Victoria’s State of Emergency, as part of a broader economic survival package to support business and jobs in response to COVID-19.

Benefit

Eligible landowners can defer their 2020 land tax payment.

Eligibility

Landowners that have at least 1 taxable non-residential property and total taxable landholdings below $1 million.

Non-residential property includes:

  • Commercial property,
  • Industrial property, and
  • Vacant land (excluding residential vacant land).

How do I know if I am eligible?

The State Revenue Office (SRO) will directly contact all eligible taxpayers in relation to this measure. You do not need to do anything at this stage.

How long is the deferment?

Your 2020 land tax payment can be deferred until after 1 January 2021 and will need to be paid in full by 31 March 2021.

What if I have already paid my 2020 land tax?

Amounts already paid can be refunded but the tax will need to be paid in full by 31 March 2021.

More Information?

The SRO will contact all eligible landowners. You do not need to do anything at this stage.

Does this measure apply to residential properties?

The measure applies to a landowner that owns at least one non-residential property and total taxable landholdings below $1 million. Eligible landowners can defer their entire assessment, which may include residential land.

How do I find my total taxable landholding?

Your property information is available in My Land Tax, an online application that enables you to manage your land tax information quickly and easily.

Advice
If you need advice on the tax changes, you can contact Noel May or Amanda Klye of May Klye & Associates on (03) 9585 7555 or enquiries@mktax.com.au.

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