Trusted accountants in Geelong explain Vacant Residential Land Tax

When it comes to managing your finances and navigating complex tax laws, having the right accountants in Geelong is crucial. At CD&G Accountants, we specialise in providing tailored financial solutions to individuals and businesses in Geelong. One of the pressing topics for 2025 is the Vacant Residential Land Tax (VRLT), a new measure introduced across Victoria that property owners must comply with. Here’s everything you need to know and how we can help.

What is the vacant residential land tax?

The Vacant Residential Land Tax (VRLT) is set to take effect across Victoria from 1 January 2025. It applies to residential properties that were unoccupied for more than six months in the previous calendar year, including those under construction, renovation, or deemed uninhabitable for over two years. Importantly, this tax is separate from land tax, meaning you may be liable for both depending on your property usage.

As a property owner in Geelong, the way you used your property in 2024 will determine your liability for VRLT in 2025. Compliance is key, as penalties may be imposed for failure to notify the State Revenue Office (SRO) by the deadline.

Key deadlines and requirements for VRLT

To stay compliant with VRLT regulations, property owners must:

• Notify the State Revenue Office (SRO): If your property was unoccupied for more than six months in 2024, you must notify the SRO by 15 January 2025.
• Apply for exemptions if applicable: Even if your property may qualify for an exemption, you are still required to notify the SRO and apply via their online notification portal.
• Annual reporting: Notifications are required annually, but if you’ve previously notified the SRO and your circumstances haven’t changed, no further action is necessary.

Are there exemptions for VRLT?

Yes, there are exemptions for certain unoccupied homes, including:

• Holiday homes
• Properties that changed ownership during the year
• Properties that became residential in the prior year

However, even if you believe you qualify for an exemption, you must still notify the SRO and submit the necessary documentation.

How CD&G Accountants can help

Navigating complex tax regulations like the Vacant Residential Land Tax (VRLT) can be daunting, but CD&G Accountants are here to make the process seamless. Our experienced team will help you determine if your property is subject to VRLT, assess your liability, and ensure you meet the 15 January 2025 notification deadline. If you believe your property qualifies for an exemption, we’ll handle the application process for you, ensuring all required documentation is submitted accurately and on time. Beyond VRLT compliance, we provide ongoing support to track and manage your property’s tax obligations year after year, so you can focus on what matters most. With CD&G Accountants by your side, you can feel confident that your financial responsibilities are in expert hands.

If you own a residential property in Geelong, it’s time to get ahead of your VRLT obligations. Contact CD&G Accountants today for a consultation. Let us take the stress out of your financial responsibilities and provide you with peace of mind.