Vacant Residential Land Tax

The 2018 Renhua International Group RACV Dog Year New Year registration will continue to heat up. Welcome everyone to sign up. For details, please refer to the previous article. Today Xiaobian gives you a brief introduction to the new tax policy that has just been implemented in Victoria.

What is a vacant house tax?

Residential properties in Melbourne's inner and middle suburbs in Melbourne's Central and Suburban areas will be levied on such properties if they are vacant for more than six months in a year (not necessarily for six consecutive months). Vacant tax.

Settlement date and object of taxation Victorian house vacancy tax has officially started on January 1, 2018. Every year (January 1st) the vacant house tax is levied depending on the vacancy of the residence in the previous year. In other words, the vacant tax on January 1, 2018 will be assessed based on the vacant status of the property from January 2017 to December 2017.

Unlike the federal government, Victoria has a wide range of objects for vacant housing taxation. It is not limited to foreigners but also locals. However, it only applies to vacant properties in Central Melbourne and the suburbs. Any vacant property outside the area is not subject to tax restrictions. The specific area is as follows:

Tax rate and method of taxation

The Victorian House Vacancy Tax is based on a 1% tax on the basis of the Residential Improved Value (CIV). The calculation formula is as follows:

Vacant Residential Property Tax = 1% x Capital Improved Value (CIV)

The capital improvement value CIV of a Melbourne dwelling is a valuation made by the local municipal government for its land and buildings, which can generally be found on the landlord's municipal fee notice.

Under what circumstances does not need to pay vacant tax?

1. Holiday homes

2. City apartments/homes/units used for work purposes

3. The property has been transferred during the preceding year.

4. New residential properties: For example, if a warehouse is converted into a residential apartment building in 2018, then the vacant tax can be waived in 2019.

The specific details of the Vacant Housing Taxes in Victoria can be found on the following websites:

Www.sro.vic.gov.au

The following are some of the more important deadlines in the near future. Please prepare materials in advance to contact us:

The deadline for GST to be reported to the tax bureau in October-December 2017 is February 28, 2018.

Annual Filing of Taxes by Companies and Individuals If the employment agency files tax, the deadline for submission is at 15 May 18th.

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