The Victorian Government’s landmark tax reform for Victorian businesses has passed Parliament, transitioning commercial and industrial properties away from stamp duty from 1 July 2024.

The commercial and industrial property tax reform will progressively abolish stamp duty and replace it with a more efficient commercial and industrial property tax. This transformational reform will help Victorian businesses set up, invest in new land and buildings, and employ more workers.

The reforms amount to a $266 million tax cut in the first four years, adding 12,600 jobs and benefiting Victoria’s economy by up to $50 billion over the next 40 years in cumulative net present value terms.

The Labor Government will provide educational support to help industry and taxpayers transition to the new scheme.

Further details are available at dtf.vic.gov.au/funds-programs-and-policies