If you have been impacted by the Victorian bushfires, we don’t want you to worry about your state taxes. The Victorian Government has announced a range of tax relief measures.
|Land tax||Property destroyed or substantially damaged.||Relief for 2020 land tax for affected property.|
|Property affected but not destroyed or substantially damaged.||Relief considered on a case-by-case basis.|
|Property used to provide free accommodation to bushfire affected people.||Land tax relief on this property if it is provided to affected people in certain circumstances.|
|Land transfer (stamp) duty||Purchase of replacement home because existing home destroyed in bushfires.||Relief of up to $55,000 in land transfer (stamp) duty on a replacement home. For replacement homes valued above $1 million, the duty relief is capped at $55,000 with the balance of the duty payable.|
|Motor vehicle duty||Purchase of replacement motor vehicle by a person because existing vehicle destroyed in bushfires.||Relief of up to $2100. For replacement vehicles valued above $50,000, the motor vehicle duty relief is capped at $2100 with the balance of the duty payable.|
|Resident of bushfire affected area has multiple cars destroyed.||Relief of up to $2100 per car on two cars. Case-by-case relief considered where more than 2 cars are destroyed.|
If you want to discuss these measures, call us on 13 21 61.