Episode Summary:
Previously, the Victorian Vacant Residential Land Tax only applied to specific council areas around inner and middle Melbourne.
However, in October 2023, that all changed when the State Taxation Acts and Other Acts Amendment Bill 2023 was introduced into the Victorian parliament and will now affect Victorian land where the land is taxable, residential and vacant.
SMSF trustees with residential property in Victoria will be impacted by the proposed change to the vacant residential land tax (VRLT) set to apply from 1 January 2025, the changes will specifically impact SMSFs with residential property that remains vacant for more than six months in a year.
This episode is a warning for SMSFs with a residential property!
What you’ll learn:
- 1:38 Financial Advice Disclaimer: Navigating Investment Decisions with Chris Beks
- 2:14 Expanding Horizons: Victorian VRLT Amendment and Implications for SMSF Trustees
- 3:00 Victorian VRLT Expansion: Implications for SMSFs and Property Owners
- 3:38 Expanding VRLT Impact: A Closer Look at SMSF Trustees’ Tax Burden
- 4:15 Understanding Property Valuation: Implications of VRLT and Exemptions
- Loads more…
Links and Resources:
A link to the State Revenue of Victoria’s website about this topic: https://www.sro.vic.gov.au/vacant-residential-land-tax
SMSFAdviser: https://www.smsfadviser.com/news/22924-new-victorian-land-tax-will-impact-smsfs-with-residential-property-expert
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