Important: Victoria Vacant Residential Property Declarations Due by 15 January 2025
The Victorian State Revenue Office (SRO) requires all owners of potentially vacant residential properties to submit a vacant property declaration by 15 January 2025.
Failure to comply may result in additional Vacant Residential Land Tax (VRLT) penalties, which will be charged on top of existing land tax obligations.
Key Details:
- Vacant Residential Land Tax (VRLT): From 2025, properties with dwellings deemed vacant are subject to VRLT. From 2026 onward, vacant land without a dwelling will also be taxed.
- Exemptions for Holiday Homes: Owners may claim an exemption if the property is used for at least four weeks per calendar year. This exemption is not automatic; owners must explicitly apply.
- Building or Renovating: There is a two-year exemption period for properties undergoing construction or significant renovation.
- Escalating Rates: The VRLT starts at 1% of the Capital Improved Value in the first year and increases to 2% in the second year and 3% in the third year if the property remains vacant.
- Strict Enforcement: The SRO Victoria applies these regulations rigorously. Retroactive adjustments or penalty waivers are generally not granted.
Please note that a signed authorisation form is necessary for us to act on your behalf in dealings with SRO Victoria. Read more »
To avoid penalties and ensure compliance, please make your vacant property declaration before 15 January 2025.
If you have any questions or need further guidance, we encourage you to seek professional advice promptly.