The 2023/24 budget for the state of Victoria has announced a range of land tax increases which will apply for a ten-year period starting from 1 January 2024. It also foreshadows a levy on short-term accommodation bookings. Investors will face increased land taxes or may have to pay land tax for the first time. Land already exempt from land tax, such as family homes and primary production land, is generally unaffected. The absentee owner surcharge rate is being doubled to 4 per cent, with the minimum threshold for non-trust absentee owners to fall from AUD300,000 to AUD50,000.
News Source：【Baker McKenzie 2023/09/23】