Victorian Budget 2020-21 announcements

The Victorian Budget 2020-21 includes a number of announcements related to legislation administered by the State Revenue Office.

The measures are listed here, along with their expected start date.

Payroll tax

1. A payroll tax credit for businesses with payrolls less than $10 million whose Victorian taxable wages increase in 2020-21 and 2021-22 — applies to the 2020-21 and 2021-22 payroll tax years.
2. An increase in the annual reporting threshold, from $40,000 to $100,000 for businesses registered for payroll tax in Victoria — expected start date 1 July 2021.

Land tax

1. A 50% land tax discount for eligible build-to-rent developments, including an exemption from the absentee owner surcharge, until 1 January 2040 — expected start date 2022 land tax year.
2. A land tax exemption for land owned and occupied by not-for-profit clubs that provide for the social, cultural, recreational, literary or educational interests of their members — expected start date 2021 land tax year.

Land transfer (stamp) duty

1. Bringing forward the 50% land transfer (stamp) duty concession for commercial and industrial properties in regional Victoria — applies to contracts entered into on or after 1 January 2021.
2. A land transfer (stamp) duty waiver of up to 50% on purchases of residential property in Victoria with a dutiable value of up to $1 million — applies to contracts entered into on or after 25 November 2020 and before 1 July 2021.

Land transfer duty waiver up to 50%