Sky News contributor Peter Switzer says developers “really hate” the proposed property taxes in Victoria’s upcoming budget. Victoria is set to unveil a swathe of tax measures targeting high income earners as the state struggles with a mounting debt and looks to find the much-needed revenue for coronavirus recovery schemes. Anticipated tax hikes include a $2.4 billion property tax increase and a 50 per cent tax rate for developers who reap windfall gains above $500,000 when their property is rezoned. A new premium stamp duty rate for property transactions valued above $2 million is also expected in the fast approaching budget.
from Breaking National News and Australian News | Daily Telegraph https://ift.tt/3bHLMQa
Wednesday, May 19, 2021
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