Fire Services Levy reduction in Victoria to provide savings for 60,000 rental properties
New legislation to reduce the Fire Services Levy in Victoria will see over 60,000 residential rental properties and 860 outdoor sports ground benefit from July 1, providing savings for investors.
Due to the transition from an insurance levy to a property based levy, as recommended by the Victorian Bushfires Royal Commission, a tax relief will be able to be provided to over 60,000 rental property owners and their tenants, according to Treasurer Michael O’Brien.
“This is $15 million in tax relief that will ease cost of living pressures for lower income earners, students, young families and others in the rental market,” said O’Brien.
“This legislation also provides $2 million in tax relief that will benefit 862 outdoor sports grounds right across Victoria, with 777 of these located within the CFA area,” he said.
The changes will move residential investment properties to a residential classification of the levy, reallocated from the commercial land use, and will provide an average annual saving of almost $260 per property per year.
Commercial and industrial vacant land with buildings that do not add value will be reallocated to the ‘vacant land use’ classification.
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