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Victoria to Become the Most Highly Taxed State in Australia: Property Council

Victoria to Become the ‘Most Highly Taxed’ State in Australia: Property Council The Victorian state government is planning to hit homeowners, homebuyers, and investors with additional taxes to tackle its debt in the 2021-22 state budget. The Andrews Labor government said the budget would protect the state’s revenue base with $2.7 billion in austerity measures and a $3.6 billion program to reprioritise government spending. These measures involve raising land tax on properties valued between $1.8 million to $3 million from 1.3 to 1.55 percent a 19 percent increase. Tax on properties valued over $3 million will be raised from 2.25 to 2.55 percent a 13 percent increase. A new premium stamp duty rate will also be introduced to properties transactions that surpass $2 million. Homebuyers will be charged $110,000 plus 6.5 percent of value over $2 million.

Windfall tax plans to add up to $25k to regional lots

Windfall tax plans to add up to $25k to regional lots Share Victoria’s proposed Windfall Gain Tax will stifle development and cut new housing supply by adding up to $25,000 per housing lot in areas such as the regions where affordable land is most needed, industry estimates show. As disparate industry groups united on Monday to oppose the 50 per cent tax that the state government said it would levy on the extra value created from rezoning a piece of land, Pitcher Partners executive director Craig Whatman said the move could halt new development. Ghost of rezonings past: the 2012 experience of Melbourne’s Fishermans Bend likely influenced this week’s windfall tax announcement. 

Victorian stamp duty: $2 million is no longer a Toorak Mansion : Buyers says stamp duty rise will hit average Victorians

“So when they say he [Treasurer Tim Pallas] is having a hit at the rich, that is, quite frankly, bullshit, he is having a hit at average, working-class Australian people because that’s the sort of prices they are having to pay to get into reasonable suburbs. They are not buying Toorak mansions, that is for sure.” The Peddies are in their late 70s and budgeted to also buy electric road bikes to ride from their new place to visit their daughter in Queenscliff - they hope to keep those plans should they avoid the extra stamp duty. “At our age, this will be the last house we have, and we were budgeted very carefully,” Mr Peddie said.

New Victorian apartment standards aim to boost quality of life, but prices tipped to rise too

New Victorian apartment standards aim to boost quality of life, but prices tipped to rise too
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