You may be aware that the Vacant Residential Land Tax (VRLT) commences on 1 January 2025.
This state tax is an additional tax to the normal land tax you may have been paying. It relates to properties in Victoria that have been unoccupied for more than 6 months in the 2024 calendar year.
An exemption may be available for Holiday Homes, however, each property needs to be reviewed individually. You will have received a communication from the State Revenue Office (SRO) with the process to be followed.
What do you need to do?
You must notify the SRO by 15th January 2025 via the SRO portal if:
- your property was unoccupied for more than 6 months in the 2024 calendar year or;
- your property is a holiday home, occupied for more than 4 weeks and you wish to apply for this exemption.
We can help
If you have any questions, feel free to reach out to a member of the DFK Benjamin King Money team. We can help assist you with the notification process