The Victorian Government is progressively abolishing stamp duty (land transfer duty) on commercial and industrial property and replacing it with an annual property tax known as the ‘Commercial and Industrial Property Tax’ (CIPT).
Further information on the CIPT is available on the State Revenue Office website.
Stamp duty on commercial and industrial property will be phased out in 2024 after the Victorian Government finalised the transition towards a property tax system.
The State Revenue Office (SRO) will be collecting duty on all late settlements including default interest payments as of the 1st of July, 2022.
Applications for 2021 land tax relief in all categories — residential landlords, commercial landlords and commercial owner-occupiers — close at 10pm on Wednesday 30 June.
At Central Victoria Conveyancing, as Victorian farmers and former city dwellers, we understand all your Victorian country, suburban and city property concerns. We are with you all the way through your transaction, we are always available to discus any concerns or questions you may have in a friendly and easy to understand way with no unnecessary legal jargon. Clare Spicer Sonnet
Whether you are a first home buyer or looking to upsize or down size from your current home, a business looking to buy or sell, a developer looking to subdivide, an investor looking for your best options, or a farmer selling land ( we can help with water shares too), our team at Central Victoria Conveyancing can help you with advice and legal professional property services to suit your requirements and needs.
Liability limited by a scheme approved under professional standards legislation
