https://www.theage.com.au/national/victoria/property-sales-freefall-blows-5-2-bi...Taxes to go up under Dirty Dan.
Property sales freefall blows $5.2 billion hole in Victoria's budgetA $5.2 billion hole blasted in the state budget by the real estate downturn has forced the Andrews Labor government to launch a tax raid on property owners, gold-miners and luxury car buyers to help make ends meet.
The government says stamp duty revenue will collapse by an average of $1.3 billion a year for the next four years, the worst such result in Victoria’s history, dwarfing the losses seen during the global financial crisis.
Treasury predicts the total shortfall over the four-year budget projection period will be $5.2 billion.
Up-market car buyers will be hit for $260 million over four years with an increase the duty on new and second-hand luxury motors worth more than $100,000, with the tax hike to be phased in from 1 July.
About 3000 foreign property investors will be hit by a boost to the ‘absentee owner’ surcharge, and foreign property duties will increase from 7 to 8 per cent in moves expected to raise an extra $330 million over the coming four years.
The government will also close a loophole allowing some owners to minimise the tax they pay on properties listed on the Victorian Heritage Register in a move expected to affect about 13,000 buildings.
About 1700 blocks of land across metropolitan Melbourne will be hit by the scrapping of the tax exemption for vacant land attached to the family home.
A 2.75 per cent gold duty will be imposed from January on large companies mining the precious metal in Victoria, with the government saying it is the only Australian state currently not charging a gold royalty.
Mr Pallas says small miners, those digging up less than 2500 ounces per year, will be exempt from paying the royalty which is expected to generate $56 million over four years.
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