Salta Properties suspends Melbourne development due to Andrews government tax increase

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Private developer Salta Properties has suspended evaluation of future projects in Melbourne until the Andrews government clarifies the new taxes included in the upcoming budget. Victoria will introduce a series of tax measures for high-income earners as the state is struggling with increasing debt and much-needed income from the coronavirus recovery program. Anticipated tax increases include an increase in real estate tax of A$2.4 billion and a windfall income tax rate of 50% for developers who receive windfall income of more than A$500,000 when rezoning properties. In the fast approaching budget, a new premium stamp duty is also expected to be imposed on real estate transactions worth more than US$2 million.

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