Tax on vacant properties waived in Victoria

Tax on vacant properties waived in Victoria

Owners of vacant land in Victoria will not have to pay tax on their properties this year as part of the state government's sweeping pandemic relief measures.

Announced today by Victorian Treasurer Tim Pallas, the government will waive the Vacant Residential Land Tax for properties that are vacant in 2020.

The state government says the waiver is necessary considering travel restrictions and heavy lockdown measures which make property inspections impossible and leave many properties vacant that would otherwise be occupied.

Additionally, car park owners will have 25 per cent of this year's congestion levy waived by the state government.

Car park owners can also defer any outstanding balances until next year.

"We've listened to the sector and we've acted. These are small changes but they will make a big difference towards getting to the other side of this virus," says Treasurer Tim Pallas.

"These restrictions are keeping us all safe but they come at a devastating economic cost that's why we're providing billions of dollars in support to those who need it most."

Updated at 3.56pm AEST on 10 September 2020.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Incitec Pivot to split explosives, fertilisers businesses after record profits

Incitec Pivot to split explosives, fertilisers businesses after record profits

Following a record performance for the first half, Incitec Pivot (A...

John McGrath calls for calm as real estate company forecasts rise in earnings for FY22

John McGrath calls for calm as real estate company forecasts rise in earnings for FY22

Despite recent trading conditions proving disruptive for the reside...

Board exodus gathers pace at The Star after O’Neill resigns as chairman

Board exodus gathers pace at The Star after O’Neill resigns as chairman

The Star Entertainment Group (ASX: SGR) is now on the hunt for a ne...

Blackstone waits on gaming authorities as Crown shareholders approve $8.9b buyout

Blackstone waits on gaming authorities as Crown shareholders approve $8.9b buyout

Shareholders of Crown Resorts (ASX: CWN) have voted in favour of th...