An accountant that is preparing tax returns. Accounting and tax return documents, pages and calculators. An elderly couple planning with their superannuation funds. A business man working on his investment property in Gordon.

Latest News

Victorian Vacant Property Tax

Residential property tax of 1% of the property’s capital improved value is imposed on vacant properties.

 

 

Properties will be deemed vacant if they are left unoccupied for six months or more in a calendar year.  Exceptions include deceased estates, renovations and holiday homes. It is understood to be enforced by investors self-reporting, but could be checked by utility usage.

If there is no electricity or water consumed on a property, it is reasonable to assume that there is no occupant.  Records of both those utilities are readily available to the taxing authority (State Revenue Office).

The tax is intended to encourage investors to either put their property on the rental market or sell it.

About $2.6 million has been put aside in this year’s Victoria State budget for “implementation” to undertake additional compliance and monitoring activity.

 

Source:  AcctWeb

 

Latest Accounting News

  • FBT Reminder – Odometer Reading

    Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles.

  • ATO’s debts on hold campaign prompts new IGTO guidance

    New guidance has been released on best practice principles for debt notifications in response to the re-activation of old debts by the ATO.

  • Small business benchmarks

    The ATO has developed quite a number of benchmarks to help small businesses develop an idea of their performance compared to similar businesses in the same industry.

  • The 2025 Financial Year tax & super changes you need to know!

    The new financial year is fast approaching and so are a number of changes to superannuation contribution amounts and the individual tax rates. These changes are outlined below, as is some information on how you may be able to work with these changes when managing your tax affairs during 2024-25.  

Tax Specialists

We specialize in providing proactive tax planning strategies for our clients. High earning individuals and business clients can benefit by speaking to one of our tax advisors.

Bookkeeping

Good, fundamental book keeping will ensure that your accounts are up to date and give you proper control of your business. With over 85% of business failure attributed to poor financial control, skilled and professional bookkeeping will give you results that speak for themselves.

Superannuation Planning

Taking the time to plan for your future makes good financial sense. Ensure you have the money to live the lifestyle you'd like during your retirement.

Investment Properties

Preparation of negative gearing tax schedules for all investment properties. Including Depreciation Calculations and Special Building Write offs.