Vacant Residential Land Tax (VRLT) Reporting
Please be advised that the annual deadline for reporting vacant residential properties to the State Revenue Office (SRO) is January 15th. If you own residential property in Victoria that remained unoccupied for more than 6 months in 2024 and have not yet completed your notification to the SRO, to do so as soon as possible.
Key Things to Note:
- Reporting Obligations: VRLT applies to individuals, small businesses, companies, trusts, and super funds. If your residential property was vacant for over 6 months in 2024, you must notify the SRO using their online portal.
- Exemptions: If you believe your property qualifies for an exemption, you must still notify the SRO. Exemptions could apply to holiday homes or properties used for work purposes (e.g., city apartments for individuals living in regional Victoria).
- Seek Advice: As a state tax, detailed advice on the application of VRLT should be sought from your solicitor. Your Saward Dawson accountant can provide guidance, but the SRO does not permit third-party reporting on your behalf.
Action Steps:
- Immediate Reporting: Notify the SRO via their online portal if you haven’t done so already.
- Exemption Claims: If you believe you qualify for an exemption, submit the necessary notifications as well.
- Avoid Penalties: The SRO may impose penalties for late reporting. Ensure your reporting is completed promptly to avoid these penalties.
How can we assist
If you need guidance, please feel free to reach out to us at Saward Dawson. We can assist you with the process, but please note that we are unable to submit the report on your behalf.