In the recent Victorian State Budget, charges in local council rate notices will increase substantially over the next two years. These notices will include cost rises above the 2.75 percent cap set by the State Government.
These extra charges set by the State Government and not Local Councils are due to increased state levies (rise in fire services levy by 22% and rising landfill levy by 30% in the following year).
The Government will progressively abolish stamp duty and replace it with a more efficient commercial and industrial property tax payable annually from 10 years after the property is transacted. This reform is due to commence from 1st July 2024. Loans will be available for the property’s final stamp duty, to free up capital and help businesses make the transition.
Tags: victorian budget