Authority Updates - Victoria - December 2016

VIC tax changes passed by parliament on 15 November 2016

Changes to state taxes November 2016

The State Taxation Acts Further Amendment Act 2016 received Royal Assent on 15 November 2016. These introduce changes to the Land Tax Act 2005Payroll Tax Act 2007Planning and Environment Act 1987, and Valuation of Land Act 1960.

A summary of these are outlined below:

Land Tax Act 2005

The relevant date for valuations of non-rateable non-leviable land will be aligned with the relevant date for valuations of rateable and non-rateable leviable land. 

Planning and Environment Act 1987

A landowner who subdivides land for the sole purpose of setting aside land for a public purpose, will be required to pay the Growth Areas Infrastructure Contribution (GAIC) liability attributable, to the public purpose land within three months of the statement of compliance being issued.

Valuation of Land Act 1960

There are a number of amendments to the Valuation of Land Act 1960:

  • Local councils must include the Australian Valuation Property Classification Code in a notice of valuation from the 2018 valuation cycle,
  • The Valuer-General can accept a late nomination to undertake land valuations for non-rateable leviable lands, and
  • The definition of "general valuation" has been clarified.

For more information you can view the Victorian State Revenue Office (SRO) announcement here

Read more of Victoria Authority Updates

Disclaimer: The information herein has been prepared by SAI Global Property Division Pty Ltd ACN 089 586 872 from information released by the Authority cited on this page. It is provided as general background information only; it is not complete; and it does not comprehensively address this subject matter. Readers should not consider the information so provided as advice nor as a recommendation to take any particular course of action. Persons needing advice should consult their own solicitor, accountant or other professional adviser.