A key reform announced in today’s Victorian Budget 2023/24 is to replace the old stamp duty system for commercial and industrial properties with an annual property tax to boost business growth and create jobs.
According to the Economic Growth Package announced today by the treasurer, the existing lump-sum stamp duty structure for commercial and industrial properties will gradually move over to a more efficient yearly property tax system starting from July 1, 2024.
“Business and industry have told us they want this reform, and we’ve listened. These landmark changes will enable businesses to be more dynamic and agile and to grow and employ more workers,” said Treasurer Tim Pallas….