Government has introduced new legislation to levy an additional land tax on vacant residential properties. This tax will be the first of its kind in Australia.
Under the proposal, owners of residential real estate in inner city or “middle areas” of Melbourne are to inform the State Revenue Office if it is vacant. Vacant is defined as being unoccupied for a period of six months or more in the preceding calendar year. The six-month period applies whether the property was unoccupied continuously or in aggregate.