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TAX ALERT - New Vacant Residential Land Tax applies to homes in the Melbourne metropolitan area from 1 January 2018.
Lowe Lippmann Chartered Accountants
Introduction: From 1 January 2018 a new vacant residential land tax (VRLT) applies to homes in inner and middle Melbourne that were vacant for more than six months in the preceding calendar year. This is a new Victorian tax and is different to land tax, the absentee owner surcharge and the federal annual vacancy charge.
If you own a property that was unoccupied for more than six months during 2017, you must notify the State Revenue Office (SR) about the property through the SRO online portal by 15 January 2018.
Bill passed for Instant Asset Write-Off of $20,000 for 2024-25 There was no mention of the extension of the instant asset write-off ( IAWO ) within the Federal Budget delivered last Tuesday night, leaving many small business taxpayers frustrated and uncertain. However, the Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2025 has now been passed through the Parliament, and it included the extension of the IAWO threshold of $20,000 for assets first used or installed ready for use between 1 July 2024 and 30 June 2025. After the Bill has now been passed by both the House of Representatives and the Senate, it now simply waits to receive Royal assent.
SUMMARY AND FULL COMMENTARY UPDATES
ATO appeals to High Court in the Bendel Case decision The Australian Taxation Office ( ATO ) has now applied to the High Court for special leave to appeal the Full Federal Court’s decision in FCT v Bendel [2025] FCAFC 15. Last month, we released a Tax Alert ( see here ) after the Federal Court delivered their unanimous decision that an unpaid present entitlement (or UPE ) owed by a discretionary trust to a corporate beneficiary is not a “loan” for Division 7A purposes. The ATO has also issued an Interim Decision Impact Statement ( DIS ) in response to the Full Federal Court decision. A DIS provides information for taxpayers and advisers, and includes: details of the case, a brief summary of facts, issues decided by the court or tribunal, and relevant legislation and case law.
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