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Tax relief for property owners affected by Victorian bushfires

The Victorian Government recently announced that property owners affected by the bushfires may be entitled to tax reliefs.

Land tax

  • If your property was destroyed or substantially damaged, no land tax will be payable for the 2020 assessment year.
  • If your property was not destroyed or substantially damaged but, still affected by the Victorian bushfires, you may be entitled to relief for the 2020 assessment year.
  • Where your property is used for the purpose of accommodating people whose homes were affected by the Victorian bushfires for a minimum six-month period, no land tax will be payable for the 2021 assessment year or, where accommodation has been provided for at least one month, a reduction of land tax will apply for the 2021 assessment year.
  • All matters will be assessed on a case-by-case basis.

Stamp duty – residential

  • Where your home was destroyed in the Victorian bushfires and you purchase a replacement home or vacant land on which to build a replacement home, you may be entitled to relief from land transfer duty (stamp duty) up to $55,000 (equivalent to stamp duty payable on a property with a value of $1 million).
  • Property owners will have up to four years to claim the relief.

Stamp duty – commercial and industrial

  • Where commercial or industrial properties are acquired in East Gippsland, Mansfield, Wellington, Wangaratta, Towong and Alpine municipalities, a 50% concession on land transfer duty (stamp duty) will apply for all Contracts of Sale entered into on or after 27 January 2020.
  • The relief is available until 30 June 2023 and there is no limit to the number of times a person may claim such relief.

At Burke & Associates Lawyers, we are qualified to provide advice about property, planning and tax considerations and including assisting with any claim for land tax or stamp duty relief.  For more information, please contact Kristy Muhlhan, Principal and Stewart Davis, on kmuhlhan@burkelawyers.com.au, and  sdavis@burkelawyers.com.au respectively, or by contacting our office on +61 3 9822 8588.

Contacts

Kristy Muhlhan

Principal

Kristy Muhlhan

Principal
LL.B (Hons) GRAD DIP. L.P., GAICD.
Since 2014, she has been an owner and Principal of the firm and has mastered a broad range of essential commercial and business skills which go hand in hand with the work she does for...

Stewart Davis

Associate

Stewart Davis

Associate
LL.B (Hons) B.Com
As well as property law, Stewart has had exposure to VCAT administration matters and commercial law, particularly servicing developer clients.

George Hanger

Associate

George Hanger

Associate
LL.B BA
George was admitted to legal practice in May 2015 after completing a Bachelor of Arts at the University of Melbourne and a Bachelor of Laws at Monash University.

Emma Dickens

Paralegal

Emma Dickens

Paralegal
Emma previously completed a Bachelor of Legal and Dispute studies at RMIT University in 2015.

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