More than 200 homes have been destroyed in Victoria by bushfires, and the state government has offered tax relief to ease the victims’ suffering.
The state government’s tax relief will be felt immediately for businesses, families and individuals who have had their properties substantially damaged or destroyed by bushfires.
They will receive ex-gratia relief on their 2020 land tax assessment. And land tax will be waived on eligible properties being used to provide free accommodation for those who have been displaced.
Additionally, those who decide not to rebuild and buy a new home, they will receive up to $55,000 in stamp duty relief.
“The last thing people need to worry about when they are rebuilding after bushfires is the next tax bill coming in — these measures will support local businesses and help get local residents back on their feet,” state Treasurer Tim Pallas said.
The Housing Industry Association welcomes this move to help those impacted by these fires.
“Taxes such as stamp duty, and land tax, are a major impediment to people buying or building a home, and by significantly reducing these fees, people will hopefully be able to return to a new house sooner and get their lives back on track with as little angst as is possible,” Victoria executive director Fiona Nield said.
“When you have to pick up and start again, the prospect can be made even more daunting by the costs and taxes you don’t think about.
“At this time of great hardship for those affected, it’s the small things that alleviate financial suffering that count the most. This move will go some ways to alleviating some unnecessary worries.”