Published on 18 November 2019
The State Taxation Acts Further Amendment Bill 2019 received Royal Assent today, introducing a number of changes to State Acts:
- Reinstating the original intent of the primary production land exemption for greater Melbourne urban zones by requiring land owners to carry on the business of primary production for which the land is solely or primarily used, and to be normally engaged in that business in a full-time capacity.
- Extending vacant residential land tax to residential properties in inner and middle Melbourne that have been uninhabitable for two years or more.
- Clarifying that the principal place of residence exemption excludes a beneficiary of an implied or constructive trust.
- Confirming the legislative basis for charging duty on an insured person obtaining general insurance from an overseas insurer.
- Aligning the primary production requirement for the young farmer duty concession/exemption with changes to the land tax exemption for primary production land in greater Melbourne urban zones.
- Establishing a legislative basis for a contribution of a proportion of wagering and betting tax revenue to the ANZAC Day Proceeds Fund.
- Setting a 30 September deadline (each calendar year) by which municipal councils must issue valuation notices to ratepayers following the general valuation.