The Victorian Budget 2021-22 includes announcements related to the State Revenue Office.
A number of these measures have to be approved by the Victorian Parliament before they can start. You should only rely on the exact detail of the changes once the legislation is passed.
The measures are listed here, along with their expected start date. Our website will be updated with more detailed content about these measures as it becomes available.
|Measure||Expected start date|
|Mental health and wellbeing levy (payroll tax surcharge).|
A payroll tax surcharge on wages paid in Victoria by businesses with national payrolls over $10 million a year. A rate of 0.5% will apply for businesses with national payrolls above $10 million, and businesses with national payrolls above $100 million will pay an additional 0.5%.
|1 January 2022|
|Extending the point of consumption tax framework to Keno.||15 April 2022|
|New windfall gains tax of up to 50% to be applied to planning decisions to rezone land from 1 July 2022. The total value uplift from a rezoning decision will be taxed at 50% for windfalls above $500,000, with the tax phasing in from $100,000.||1 July 2022|
|New premium land transfer duty (stamp duty) rate for property transactions with a value above $2 million, increasing stamp duty payable to $110,000 plus 6.5% of the dutiable value in excess of $2 million.||Applies to contracts entered into on or after 1 July 2021|
|Temporary land transfer duty (stamp duty) concessions for new residential property within the City of Melbourne local government area with a dutiable value up to $1 million. |
– A 50% concession will be available for new residential
– A full exemption will be available for new residential
properties that have remained unsold for 12 months or
more since completion of construction.
|– Concession applies to contracts entered into on or after 1 July 2021 and on or before 30 June 2022|
– Exemption applies to contracts entered into on or after 21 May 2021 and on or before 30 June 2022
|Temporary increase in the eligibility threshold for the off-the-plan duty concession to $1 million for all home buyers.||Applies to contracts entered into on or after 1 July 2021 and on or before 30 June 2023|
|The land tax rates for high value landholdings will increase:|
– for taxable landholdings exceeding $1.8 million — the land tax rate will rise by 0.25 percentage points, and
– for taxable landholdings exceeding $3 million — the land tax rate will rise by 0.30 percentage points.
|2022 land tax year|
|The general land tax threshold will increase from $250,000 to $300,000. (The land tax threshold for land held on trust remains unchanged at $25,000.)||2022 land tax year|
|Land tax concessions for private gender exclusive clubs will be removed.||2022 land tax year|
|The vacant residential land tax exemption for new developments will be extended to apply for up to two tax years.||2022 land tax year|
|Bringing forward the increase in the payroll tax threshold to $700,000.||1 July 2021|
|Bringing forward the reduction in the regional employer payroll tax rate to 1.2125%.||1 July 2021|
|New Distillery Door Grant scheme for Victorian distilleries.||2021-22 and 2022-23 financial years|
© State of Victoria (State Revenue Office)