Level 1, 30 Collins Street
Melbourne VIC 3000
Following the May budget announcement concerning changes to stamp duty for commercial and industrial properties, further particulars have been published.
From July 1st 2024, for properties that have contracted and settled, stamp duty will be payable either upfront or in 10 annual instalments.
A government-facilitated loan is also available to eligible purchasers over the 10-year payment period.
The Commercial and Industrial Property Tax would then apply a flat rate of 1% annually of the unimproved land value.
For further details, please visit https://www.dtf.vic.gov.au/funds-programs-and-policies/commercial-and-industrial-property-tax-reform or speak to one of our commercial real estate specialists.