Victorian Treasurer Tim Pallas says next week's state budget will include tax increases and public sector savings as the government takes the 'hard and necessary actions' needed to rebalance the books.
Victorian Treasurer Tim Pallas says next week's state budget will include tax increases and public sector savings as the government takes the "hard and necessary actions" needed to rebalance the books.Mr Pallas said the changes were about making Victoria's tax system "fairer and more progressive"
The Treasurer said the "modest" increase would only affect a fraction of the 10 per cent of Victorians who pay land tax, which is not paid on owner-occupied homes. The changes will see the land tax increase by 0.25 per cent for taxable land holdings between $1.8 million and $3 million, and 0.30 per cent for taxable land holdings in excess of $3 million.A new windfall gains tax will be also introduced for properties whose value is boosted by a council rezoning.
"There needs to be a balance between those wanting to buy their first property and large property investors who continue to profit from soaring property values," he said.
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