Mortgage brokers operating in Australia will find this article very useful.
From 1 July 2024, commercial or industrial property purchased in Victoria will be subject to a new property tax system.
For commercial and industrial property transactions with both a contract and settlement date on or after 1 July 2024, stamp duty will be paid one final time on the property if and when it is transacted, and the new annual Commercial and Industrial Property Tax will be payable 10 years after the final stamp duty payment.
Eligible purchasers will have the option to apply for a government transition loan (to be provided by Treasury Corporation Victoria) to finance the final upfront stamp duty liability on their purchase and manage the transition to the annual property tax.
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Article published by: MFAA news
Reference: For more information, including how to access the transition loan is available on the Department of Treasury and Finance Victoria website.