Owning, buying or selling property in Victoria has become a lot more complicated over the past 12 years. Since December 2014, the taxes, levies and rules have kept coming, and too many people only find out about them when the bill arrives. So this month I've done the counting for you, with numbers, not guesswork.
Back to all Seller & Buyer Tips
Source: Parliamentary Budget Office (Vic), as reported by Elite Agent (tax share).
Land tax: under the COVID Debt Repayment Plan, the tax-free threshold dropped from $300,000 to $50,000 in 2024, and the higher rates run to 2033. Land valued at $100,000 that paid no land tax in 2023 now pays $975 a year.
Windfall Gains Tax (from 1 July 2023): when the government rezones your land, it can take up to 50% of the value uplift.
The fire levy became the Emergency Services and Volunteers Fund from 1 July 2025. The residential rate roughly doubled. The farm rate was set to go from 28.7 to 71.8 cents per $1,000, until farmers pushed back and the government froze it. For now.
Selling? Since 2024, on most sales under $10 million, you can no longer adjust land tax with the buyer at settlement. The seller wears it.
Buying? Stamp duty of 6.5% on every dollar above $2 million since 2021, which catches most working farms. Foreign purchaser duty has gone from 3% to 8%.
Vacant residential land tax went statewide in 2025, including holiday homes that aren't used for at least four weeks a year.
A 7.5% levy on short-stay bookings since 1 January 2025.
Landlords: more than 130 rental reforms from March 2021, a second wave from November 2025, and energy efficiency upgrades phasing in from 2027.
And one from Canberra: from 1 July 2027, the 50% capital gains tax discount ends for future gains. It's replaced by cost base indexation and a 30% minimum tax. It's a federal change, but it lands on the same properties. Read CGT Explained.
To be fair, there has been some relief. First home buyers have paid no stamp duty up to $600,000 since 2017, off-the-plan buyers got a temporary duty concession, and farmers won a freeze on the emergency services levy. But relief for some doesn't change the direction for most.
You might remember the old milk ad where a bloke walks in for a carton of milk and gets a list of every variety under the sun. That's Victorian property today. It used to be simple: you worked hard, bought a home and built your wealth through it. Now it comes in more varieties than anyone can keep track of, and every one of them costs extra. There's not much reward for working hard, just plenty of tax pain.
So I made a short video about it. Fair warning: I just wanted a carton of milk.
You don't have to work through it on your own. Whether you're selling, buying or holding, my team and I deal with this every day. We'll tell you where the 6.5% premium duty starts, what the land tax adjustment ban means at settlement, and why a valuation at 1 July 2027 could matter for your capital gains. We can't make the list any shorter, but we can help you find your way through it, and we'll point you to the right tax adviser or solicitor when you need one.
Every tax, levy and rule change, with its date, its figure and its source. Check it for yourself.
Land tax: COVID Debt Repayment Plan
2024 to 2033 land tax years
Tax-free threshold cut from $300,000 to $50,000. $50k to under $100k: $500. $100k to under $300k ($250k for trusts): $975. $300k and over: $975 plus 0.1 percentage points on the rate. Example: the $300k to $600k band went from $375 + 0.2% to $1,350 + 0.3%.
Source: State Revenue Office (SRO), COVID debt repayment plan (updated 5 Mar 2026); Bentleys
Vacant residential land tax
Melbourne from 2018; statewide 1 Jan 2025; widened 1 Jan 2026
1% of capital improved value (CIV) in year 1, 2% in year 2, 3% after that. Statewide from 2025, including holiday homes not used for at least 4 weeks a year. From 2026 it also covers metropolitan Melbourne land left unimproved for 5 years.
Source: SRO, exemptions from vacant residential land tax; RSM; Grant Thornton; Russell Kennedy
Emergency Services and Volunteers Fund (replaced the Fire Services Property Levy)
From 1 Jul 2025
Residential: fixed charge $139 in 2026-27; variable rate 8.7 to 17.3 cents per $1,000 CIV. Commercial: 66.4 to 133 cents. Industrial: 81.1 to 133 cents.
Source: SRO, ESVF current rates (2026-27); Pitcher Partners, Victorian State Budget 2025-26 ESVF levy, 20 May 2025
Absentee owner land tax surcharge
From the 2016 land tax year
0.5% (2016), 1.5% from 1 Jan 2017, 2% from the 2020 land tax year, 4% from the 2024 land tax year.
Source: SRO, absentee owner surcharge news items (2016-17 and 2019-20 Budgets); SRO, absentee owner surcharge
Windfall Gains Tax
From 1 Jul 2023
Applies when a government rezoning lifts land value by more than $100,000: 62.5% of the uplift above $100,000 (up to $500,000), or 50% of the full uplift at $500,000 or more. A $600,000 uplift means $300,000 in tax.
Source: SRO, understanding windfall gains tax
Land tax and windfall gains tax adjustment ban
Contracts from 1 Jan 2024
On sales under $10 million (CPI indexed from 2025), a contract term making the buyer contribute to the seller's land tax and assessed windfall gains tax is not an option. The seller wears it.
Source: State Taxation and Other Acts Amendment Act 2023 (Vic); K&L Gates, 18 Dec 2023; MinterEllison; Turks Legal
Price guide and underquoting reforms
1 Oct 2026 (auctions and deadline sales from 16 Oct 2026)
Price range advertised from day 1 (top no more than 10% above the bottom). Reserve published at least 7 days before an auction or deadline sale. Sold price added to the Property Price Statement within 7 days; statement public for 18 months.
Source: Consumer Affairs Victoria (CAV), new changes to property sales and underquoting laws; Estate Agents Act 1980 ss.47AF to 47AM
Section 32 and deposit reforms (coming)
Royal Assent 8 Sep 2026; in force by 1 Jun 2027 at the latest
Vendor statement available at least 14 days before an auction, deadline sale or contract. Section 27 early deposit release repealed; early release now needs an express contract condition.
Source: Consumer Legislation Amendment Act 2026 (Vic) No. 36/2026; Hunt & Hunt, 9 Sep 2026
Federal: AML/CTF 'Tranche 2'
1 Jul 2026
Real estate agents now regulated by AUSTRAC: enrolment, an AML/CTF program and customer due diligence on every transaction.
Source: AUSTRAC, summary of AML/CTF obligations for tranche 2 entities
Premium stamp duty rate
From 1 Jul 2021
$110,000 plus 6.5% of the value above $2 million (previously 5.5%). A $3 million property pays $175,000 in duty.
Source: SRO, changes to state taxes June 2021
Foreign purchaser additional duty
From 1 Jul 2015
3% (2015-16), 7% from 1 Jul 2016, 8% from 1 Jul 2019. On top of ordinary duty, so up to 14.5% on high-value residential property.
Source: SRO, State Taxation Acts Amendment Bill 2015; PwC duty and land tax map
Off-the-plan concession narrowed
1 Jul 2017
Limited to owner-occupiers and first home buyers; investors lost it (temporarily reopened in 2024, see relief below).
Source: Premier of Victoria media release, 2017
Residential tenancies reforms
29 Mar 2021
More than 130 reforms, including minimum rental standards and gas and electrical safety checks every 2 years by licensed trades.
Source: Energy Safe Victoria, tenants and renting laws
Housing Statement reforms, wave 1
25 Nov 2025
No ending a tenancy without a reason at the end of a fixed term. Rent increase notice extended from 60 to 90 days. Properties must meet minimum standards when advertised. Rental bidding banned.
Source: CAV, more rights for Victoria's renters as Housing Statement reforms take effect
Wave 2
1 Dec 2025 and 31 Mar 2026
Blind and curtain cords must be anchored. Standard rental application form; no fees for applications or rent payments.
Source: CAV
Record-keeping
With the Housing Statement reforms
Rental providers and agents must keep records showing the property met minimum standards before it was advertised or offered for rent.
Source: CAV, minimum standards for rental properties
Energy efficiency standards
Phased from 1 Mar 2027
Heating, cooling, hot water, insulation and draught-proofing upgrades; draught-proofing from 1 Jul 2027; cooling extends to all rentals from 1 Jul 2030.
Source: CAV, rental minimum energy efficiency standards: a guide for rental providers
Short Stay Levy
Bookings from 1 Jan 2025
7.5% of total booking fees (including cleaning fees and GST) for stays under 28 days. Not charged on a principal place of residence.
Source: SRO, understanding short stay levy
Emergency Services and Volunteers Fund: primary production
Set for 1 Jul 2025; frozen
Fixed charge $282 in 2026-27. Variable rate set to go from 28.7 to 71.8 cents per $1,000 CIV. After farmer protests it was frozen at 28.7 cents for 2025-26, and the 5 Dec 2025 budget update extended the freeze by at least 2 more years. CFA/SES volunteer rebate cap lifted from $5m to $10m CIV.
Source: SRO, ESVF current rates (2026-27); Pitcher Partners; BDO; Corangamite Shire and Greater Shepparton council releases, Dec 2025
Windfall Gains Tax on fringe farmland
From 1 Jul 2023
Farmland rezoned for urban use is taxed at the rates above. Land rezoned to rural or certain public zones is excluded.
Source: SRO, understanding windfall gains tax
Premium stamp duty
From 1 Jul 2021
Most working farms are above $2 million, so the 6.5% rate applies to the value above that.
Source: SRO, changes to state taxes June 2021
Treasury Laws Amendment (Tax Reform No. 1) Act 2026 (Act No. 49 of 2026)
Royal Assent 26 Jun 2026; CGT changes from 1 Jul 2027
The 50% CGT discount ends for gains made after 1 Jul 2027 (individuals and trusts), replaced by cost base indexation plus a 30% minimum tax on capital gains. Gains built up to 1 Jul 2027 keep the 50% discount if documented, so a valuation at that date matters. The pre-1985 exemption ends for growth after that date.
Source: Federal Register of Legislation, C2026A00049; Parliamentary Library Bills Digest; Pitcher Partners; PwC
First home buyer duty exemption
From 1 Jul 2017
No stamp duty up to $600,000; reduced duty from $600,001 to $750,000.
Source: SRO, first home buyer duty exemption
Off-the-plan duty concession (temporary)
Contracts from 21 Oct 2024 to before 21 Apr 2027
Open to all buyers, including investors, of off-the-plan strata apartments, units and townhouses.
Source: SRO, off-the-plan concession
Emergency Services and Volunteers Fund farm freeze
2025-26 onward
See Farms and rural land above.
Source: as above
A free calculator covering CGT, land tax and stamp duty for every Australian state is available at propertytaxcalculators.com.au.
Whether you're holding, selling or buying, let's talk it through.
Jason Hellyer, Director & Principal, Ray White Rural Victoria & Tasmania