We had a good laugh reading today’s Australian Financial Review as we were waiting for our coffee order this morning.
It was in relation to a story on Victoria’s new vacant property tax.
The AFR reports:
‘The tax, due to take effect from January next year, will apply to properties in Melbourne’s inner and middle suburbs and will be self-reporting — owners will be expected to inform the State Revenue Office when the tax becomes applicable. The policy follows Vancouver, which announced a vacancy tax in September last year.’
Hah! Self-reporting, eh?
On Monday, we explained two simple ways that property owners could sidestep the new tax. Well, thanks to the self-reporting rule, it’s now become even easier.
Property owners don’t even need to come up with an excuse for why a property is empty…they just need to keep their mouths shut.