Proposed Vic property tax: a ripple effect?

A new proposed tax in Victoria aims to bolster the revenue base of the state government, which, like other states, is grappling with substantial debts. The Commercial and Industrial Property Tax (CIPT) will be applied to properties acquired from 1 July 2024 onwards. Steve Baxter, National Indirect Tax Partner at Mazars, discusses the proposed levy and which properties it will likely affect.