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26 March 2024
The Victorian Commercial and Industrial Property Tax Reform Bill (Bill) was introduced into the Victorian Parliament last week following the initial announcement almost 12 months ago as part of the Victorian Government’s 2023-24 Budget.
The Bill seeks to implement the Commercial and Industrial Property Tax (CIPT). It reflects the Government’s desire to reform Victoria’s tax system for relevant commercial and industrial properties, commencing from 1 July 2024.
The Bill introduces significant State tax reform on 1 July 2024. Taxpayers should be across the reforms and particularly whether transactions bring land into the new regime. Under the new regime, after a transition period of 10 years, CIPT will be imposed each year on the land. This will be in addition to other taxes imposed in relation to the land. Taxpayers will also still need to be mindful of any duty implications, for example, on a change of use of the land.
If you would like to further discuss these reforms, reach out to our team or your PwC adviser.
Barry Diamond
Rachael Cullen
Matthew Sealey
Cherie Mulyono
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