TAX ALERT - New Vacant Residential Land Tax applies to homes in the Melbourne metropolitan area from 1 January 2018.
Lowe Lippmann Chartered Accountants
Introduction: From 1 January 2018 a new vacant residential land tax (VRLT) applies to homes in inner and middle Melbourne that were vacant for more than six months in the preceding calendar year. This is a new Victorian tax and is different to land tax, the absentee owner surcharge and the federal annual vacancy charge.
If you own a property that was unoccupied for more than six months during 2017, you must notify the State Revenue Office (SR) about the property through the SRO online portal by 15 January 2018.
Year-end tax checklists for Individuals and Businesses We have recently prepared two Year End Checklists which help explain some common strategies that may be considered for Individual and Businesses taxpayers. Year End Checklist for Individuals – click here Year End Checklist for Businesses – click here
Many business clients like to review their tax position before the end of the income year and evaluate any strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for profitable small businesses is based around accelerating deductions and deferring income. The Year End Checklist in the link below explains some common strategies that may be considered for all business taxpayers.
A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward any expected or planned deductible expenditure from a later income year. However, any individuals with potentially reduced income for the 2025 tax season may want to instead consider deferring any deductible expenditure (if possible).
