TCC 30 - A Warning for SMSFs with Residential Property!

Previously, the Victorian Vacant Residential Land Tax only applied to specific council areas around inner and middle Melbourne. However, in October 2023, that all changed when the State Taxation Acts and Other Acts Amendment Bill 2023 was introduced into the Victorian parliament and will now affect Victorian land where the land is taxable, residential and vacant. SMSF trustees with residential property in Victoria will be impacted by the proposed change to the vacant residential land tax (VRLT) set to apply from 1 January 2025, the changes will specifically impact SMSFs with residential property that remains vacant for more than six months in a year. This episode is a warning for SMSFs with a residential property!