Vic Land Tax Surcharge – Treasurer’s guidelines gazetted for exemption of ‘absentee persons’ controlling interests in ‘absentee corporations’ and beneficial interest in ‘absentee trusts’
Victoria has enacted an ‘absentee’ owner land tax surcharge of 1.5% on land owned by ‘absentee persons’, which include: ‘absentee individuals’; ‘absentee corporations’ and ‘absentee trusts’. This is under the Victorian Land Tax Act 2005 (the ‘Act‘). Victoria has also enacted a land transfer duty surcharge, for foreign persons, with similar provisions, definitions and exemptions.…