Improved clarity on international investor taxes Exemption procedures for companies impacted by the State Government’s new international investor taxes are now publicly available.The Guidelines, which were recently gazetted, detail how the exemptions will be determined by the Commissioner of the State Revenue Office (SRO), under delegation from the Treasurer.The exemptions process seeks to address the unintended consequences of the new taxes, following extensive discussions by the Property Council with the Treasurer’s office and the SRO.Persons that are eligible for exemptions are those whose commercial activities significantly add to the supply of housing stock in Victoria, either through residential developments or redevelopments.Written applications for an exemption must be lodged with the SRO before the completion of a transaction to the SRO and address each of the matters contained in the Guidelines.The SRO has also provided a detailed guide on submitting an application here.Members who have queries regarding the application procedures should contact the SRO via www.sro.vic.gov.auThe Property Council continues to hold discussions with the Treasurer’s office and SRO around several outstanding issues.
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