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There is a new tax intended to abolish stamp duty from transactions involving commercial and industrial property in Victoria.
The loss of duty revenues will be made up through a new annual ‘Commercial and Industrial Property Tax’ (CIPT).
What has confused many people is that the first buyer of subject properties from 1 July 2024 still needs to pay stamp duty in full, as well as the new CIPT (commencing 10 years after settlement).
There is a transition loan program available to eligible purchasers where the first buyer has the option of accessing a government loan for the final stamp duty payment.
However the next buyer of the same property only pays the CIPT (but Nil stamp duty), making it feel a bit unfair to buyer #1?
We summarise what you need to know in today’s podcast.
For further detail and worked examples see here via the State Revenue Office website – https://www.sro.vic.gov.au/commercial-and-industrial-property-tax
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