I am pleased to present the 2023–24 Annual Review for the State Revenue Office of Victoria.
We have achieved a lot over the past year, collecting $31.4 billion in revenue, which is the highest amount of revenue we have ever assessed in a financial year.
Our success is vital to the functioning of our state, as the revenue we collect enables the government to provide services that benefit people across Victoria.
On 1 July 2023, we commenced our new Strategic Plan, which outlines how we plan to continue achieving our vision: to be recognised as one of Victoria’s best performing organisations.
The year in review
Overall, 2023–24 has been a challenging year, as we handled our largest ever land tax cycle and prepared to implement a series of legislative changes.
This year, the COVID Debt Repayment Plan meant we issued more than 860,000 land tax assessments and received more than 221,000 calls about land tax.
Despite this influx of new customers, the fantastic work of our customer service staff ensured we maintained a customer satisfaction level of 81% and ranked first in Forrester’s 2023 Customer Experience Index of Australian government agencies.
On 1 July 2023, we implemented windfall gains tax, took over the administration of casino tax and began applying a temporary payroll tax surcharge as part of the COVID Debt Repayment Plan.
Over the past 12 months, we also prepared for the introduction of the commercial and industrial property tax reform, which took effect on 1 July 2024.
Additionally, we:
- helped tens of thousands of Victorians buy or build their own home through land transfer duty reductions for first home buyers and pensioners, First Home Owner Grants and the Victorian Homebuyer Fund
- relaunched our customer education program with 48 face-to-face seminars and 70 online webinars for more than 5,000 attendees
- provided expert advice to customers on complex tax-technical matters by delivering 1,389 private rulings
- assessed $733.3 million in compliance revenue, ensuring Victorians meet their state tax obligations
- continued to drive down our debt ratio in the wake of the pandemic, from 2.66% on 1 July 2023 to 1.98% on 30 June 2024.
We also continue to invest in technology, to make things simpler and more secure for our customers. In 2023–24, we modernised our platforms, upgraded our phone system, continuously improved how we use data and enhanced our cybersecurity, experiencing no external breaches over the past year.
These measures of success are reported on throughout this Annual Review, and I am proud of the strides we continue to make as an organisation.
The year ahead
In 2024–25, we are focused on implementing more government initiatives, including the short stay levy and the expansion of vacant residential land tax on 1 January 2025.
Other priorities include:
- reviewing our website to make it even easier for customers to find the information they need
- developing our staff through new learning resources
- investing in further upgrades that help us deliver on our strategic goal to modernise technology.
Our people remain one of our greatest strengths, and I would like to thank all staff and managers for their efforts over the past year.
We are dedicated to our purpose: to provide customers with quality revenue management services which are fair, efficient and deliver benefits to all Victorians.
I am confident 2024–25 will be another successful year for our organisation.
Paul Broderick
CEO and Commissioner of State Revenue Victoria