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The land tax threshold is $250,000 on the total value of all Victorian property owned by a person as at 31 December of each year, and taxed at a progressive rate. The principal residence, primary production land and land used by a charity are exempt from land tax. —
In Victoria, the land tax threshold is $50,000 on the total value of all Victorian property owned by a person on 31 December of each year and taxed at a progressive rate. The principal residence, primary production land and land used by a charity are exempt from land tax. [ 78 ]
The tax is self-assessed in that the employer calculates the liability and then pays the appropriate amount to the Office of State Revenue, by way of a monthly, quarterly or annual return. From 1 July 2014: [32] The rate of payroll tax is 5.5%. The annual threshold is $800,000. The monthly threshold is $66,667.
Further changes to the threshold for the 32.5c and 37c bracket were made in 2019 by the Morrison Liberal Government, increasing the threshold for the marginal 32.5% rate to $45,001 (previously $37,001, initially legislated to be $41,001), and bringing the changes forward to 2020 (instead of 2022) (see Stage three tax cuts)
Property taxes are levied by either state government or local civic bodies. Property tax or 'house tax' is a local tax on buildings, along with appurtenant land. It is imposed on the Possessor (not the custodian of property as per 1978, 44th amendment of the constitution). It resembles the US-type wealth tax and differs from the excise-type UK ...
The Land Tax Act 1910 (Cth) [1] and the related Land Tax Assessment Act 1910 (Cth) were Acts of the Parliament of Australia which imposed a progressive land tax on the unimproved value of land. They were enacted in November 1910 by the Fisher Labour Government intent on breaking up a number of very large holdings of underutilised, arable land ...
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The department is one of Victoria’s oldest institutions, predating the Parliament of Victoria by more than a decade. As well as being involved in collecting revenue from land sales and customs duty , the treasury became the principal agency responsible for the sale and safe storage of gold extracted from Victoria’s mines in the second half ...