Wednesday, 20 March 2024

Bills

Commercial and Industrial Property Tax Reform Bill 2024

Introduction and first reading

Tim PALLAS (Werribee – Treasurer, Minister for Industrial Relations, Minister for Economic Growth) (09:34): I move:

That I introduce a bill for an act to reform the taxation of commercial and industrial property, to amend the Duties Act 2000, the Taxation Administration Act 1997, the Treasury Corporation of Victoria Act 1992 and other acts and for other purposes.

Motion agreed to.

Brad ROWSWELL (Sandringham) (09:35): I request a brief explanation of the bill.

Tim PALLAS (Werribee – Treasurer, Minister for Industrial Relations, Minister for Economic Growth) (09:35): The bill will implement commercial and industrial property tax reform to move away from stamp duty and move towards a more efficient tax to encourage businesses to invest and to create jobs.

Read first time.

Ordered to be read second time tomorrow.