Vacant Residential Land Tax – Does it apply to you?
We thought it timely to inform & remind clients that from 1 January 2018, homes located in 16 specific council areas that are left unoccupied for more than six months of the previous calendar year, attract the Victorian Government’s vacant residential land tax.
It was not something that was heavily publicized in the media, but generally no “new” tax is.
Owners of vacant residential properties are required to notify the State Revenue Office by 15 January each year via an online portal. If a property is eligible for an exemption, the land owner is required to notify the State Revenue Office and advise which exemption applies.
If you fail to notify the State Revenue Office by 15 January, it is deemed a notification default and penalties may apply.
Owners who miss the deadline are encouraged to notify the State Revenue Office about vacant property as soon as possible. Late disclosures are treated more favorably than if vacant properties are identified as the result of an investigation.