Business tax advice Geelong: Navigating Victorian stamp duty reforms
Commencing from the 1st July 2024, the government has legislated a new stamp duty reform, in which commercial properties purchased after this date, will incur stamp duty fees over a period of ten years instead of one lump sum payment. This change could make a material impact on your business tax liabilities and therefore the business tax advice you need for future planning.
What is stamp duty?
Stamp duty is a state tax imposed by the government, most commonly relating to transfer of property. It is usually calculated as a percentage of the property’s purchase price or market value. Up until this point in time, it is usually paid in one lump sum payment upon transfer of the property.
How is stamp duty changing?
As of 1st July 2024, you will now have the option to either pay the stamp duty as one final lump sum upfront payment, or opt to pay it via a government-facilitated transition loan over a ten year period – equivalent to the property’s final upfront stamp duty liability plus interest.
Here at Synergy Max, we are experts at business tax advice and helping you understand any new tax changes and how they would apply to you. For a more comprehensive evaluation of these stamp duty tax reforms, contact us at Synergy Max for a free consultation on how we can help advise you on your business and tax requirements.