The Victorian Government has worked with industry leaders to finalise a landmark reform that will progressively abolish stamp duty on commercial and industrial properties to encourage businesses to invest and create jobs.

Announced in the Victorian Budget 2023-24, the Government consulted on the details of the change with business and industry bodies, and their feedback has helped shape the final design.

Abolishing the upfront cost of stamp duty and replacing it with a more efficient Commercial and Industrial Property Tax will make it easier for businesses to set up, invest in new land and buildings and move to new locations.

It is estimated the reform will benefit the Victorian economy by up to $50 billion in cumulative net present value terms. Commercial and industrial properties contracted from 1 July 2024 will transition to the new system.