Private developer Salta Properties has paused the assessment of future projects in Melbourne until the Andrews government clarifies the new taxes included in the 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 much-needed revenue for coronavirus recovery schemes. Anticipated tax hikes include a $2.4 billion property tax increase and a windfall 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/3wkqtM7
Tuesday, May 18, 2021
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