Deadline for Notification:Â 15 January 2025
From 1 January 2025, the Vacant Residential Land Tax (VRLT)Â will extend to all homes in Victoria that remain unoccupied for more than 6 months within a calendar year, unless an exemption applies. This includes homes under construction, renovation, or deemed uninhabitable for over 2 years.
Key Points:
VRLT differs from standard land tax. Even if you already pay land tax, VRLT may still apply based on your property’s use in 2024.
If your property was unoccupied for more than 6 months in 2024, you must notify the State Revenue Office by 15 January 2025.
Exemptions
Some properties may qualify for an exemption, such as:
Holiday homes
Recently sold properties
Homes that became residential within the previous calendar year
However, you still need to notify the State Revenue Office and apply for an exemption through the online portal, even if you believe your property qualifies for an exemption.
What You Need to Do
Notify the State Revenue Office by 15 January 2025 if your home was unoccupied for more than 6 months in 2024.
If you’ve submitted a notification previously, only resubmit if your circumstances have changed.
Access the notification portal at: sro.vic.gov.au/vacantportal.
Failure to notify by the deadline may result in penalty tax
For more details on the changes and exemptions, visit: sro.vic.gov.au/vacant.
How can Elite Accounting Solutions Help?
Now more than ever, the team at Elite Accounting Solutions are positioning ourselves to help all our clients preparing for what is ahead of them. If you have any concerns about the income and tax implications of any recent changes, please do not hesitate to contact our office and speak with one of our accountants.Â
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