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land-tax

New Land Tax Act changes really a tax on Mother Nature

People should know about the state government’s amendments to the Land Tax Act. An interesting article was written about it by Michael Flynn QC in The Age of February 17th 2020. regarding the amendment to the Land Tax Act to restrict land tax exemptions on contiguously rated properties only to regional Victoria. See: https://www.theage.com.au/national/victoria/home-owners-could-be-slugged-with-an-unfair-tax-20200213-p540jq.html. These changes have resulted in charging land tax for anyone in metropolitan Melbourne with vacant land contiguous with their place of residence. Until now, land adjacent to your home was exempt from Land Tax if the property was rated by Council as contiguous (i.e. house and land rated as one parcel of land) The new amendment has changed this to now levy the tax on any properties in metropolitan Melbourne which have contiguous vacant land next to a place of residence. (For the purposes of this exercise, Mornington Peninsula also is considered to be metropolitan by the way). A paltry $43 million revenue is anticipated.

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