Victoria’s Land Tax Changes AKA ’Gimme all ya money bastards’

Tax is a compulsory financial charge that is imposed by all the governments on us, the people, the individuals, the businesses,

The reason is quite simple, its to fund public expenditures and services. It is typically levied based on income, profits, property, transactions, or goods and services. Government have no spending money without it so failure to pay may result in some big legal consequences.

The Victorian government recently announced a lot of proposed changes to its land tax. If these make it through the legislative process they will come into effect from July 1, 2023, if they are legislated. The Victorian state government, like many other states and territories follows a legislative process that involves several stages.

It begins with the introduction of a bill, followed by debates and scrutiny in Parliament. The bill must then receive majority support from both the Legislative Assembly and Legislative Council, then it becomes law.

Gavin Chau is the Blue Wealth Property Senior Economist and as you hit the treadmill at the gym, he's here to tell us all WHY.... is the state of Victoria wanting to make changes to land tax laws and do we need to panic, sell everything and run for the hills...???