The Vacant Residential Property Tax

Victoria’s drastically expanded Vacant Residential Land Tax is setting a precedent that, if history serves as a guide, is likely to be followed by other states. The tax is being imposed in an attempt to address the housing availability crisis, and drastically impact homes that sit vacant for more than six months in the preceding calendar year. Forvis Mazars Partner Michael Jones explains how the tax is structured, its huge potential cost to property owners, and how it is already changing behaviour and driving down prices. He covers who the tax impacts, exemption criteria, and the compliance steps required to avoid penalties. Michael Jones also provides practical advice for those affected, including key deadlines and tips on managing compliance. Action is required now, and he is concerned that many property owners are still unaware of the tax and their obligations. Business Essentials Daily is produced by: SoundCartelsoundcartel.com.au+61 3 9882 8333See omnystudio.com/listener for privacy information.