Amendments to your Trust Deed may be required to avoid penalty stamp duty
A discretionary trust can be considered a foreign trust even if it has never made a distribution to a foreign person. Learn how this impacts stamp duty here....
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Although Vacant Residential Land Tax (VRLT) has applied to vacant properties within metropolitan Melbourne for several years now, from 1 January 2025 VRLT will also apply to all properties in Victoria that do not satisfy the relevant occupancy threshold.
The occupancy thresholds are:
For 2025 year assessments, VRLT is based on the occupancy status of the property in the 2024 calendar year.
Many Victorian landholdings will have recently received a letter from the State Revenue Office of Victoria requiring them to certify (via the online VRLT portal) whether any of their property holdings have been occupied for less than 6 months during the 2024 calendar year.
If the property has been occupied for 6+ months:
If a landholder owns a property that has been occupied for at least 6 months of the 2024 calendar year, it is not necessary for the landholder to undertake any further action.
If the property has NOT been occupied for 6+ months:
If the landholder owns a property that has not been occupied for at least 6 months during the 2024 calendar year, the property owner is required to notify the State Revenue Office of Victoria (via the online VRLT portal). This is the case even if the landholder uses the property as a holiday house and is able to claim an exemption from VRLT on the basis that they occupied the holiday house for at least 28 days in the 2024 calendar year.
If you have any further questions relating to VRLT or in relation to letters you may have received from the State Revenue Office of Victoria, contact us on +61 3 9810 0700 or