From 1 July 2024, commercial and industrial property in Victoria changed from land transfer (stamp) duty and landholder duty to an annual tax – the commercial and industrial property tax (CIPT).
The CIPT reform is detailed in the Commercial and Industrial Property Tax Reform Act 2024 (the Act) and includes amendments to several Acts, including the Duties Act 2000 and the Taxation Administration Act 1997.
From 1 July 2024, commercial and industrial properties will transition into the CIPT reform if there is an eligible dutiable transaction or relevant acquisition, defined in the Act as an entry transaction. Certain subdivisions and consolidations of land will also bring land into the CIPT reform.
During the 2023–24 financial year, we established a project board and a working group to prepare for the implementation of CIPT.
Activities focused on operational readiness for 1 July 2024 as well as customer communication, including education sessions, website content and explanatory videos.