Land tax for beach homeowners is one of the hottest real estate topics in 2024 on the Mornington Peninsula, with
investors feeling the need to sell a lifelong dream to avoid inflated outgoings.
Yet, with a slight change of tact, the Peninsula holiday dream is still very much alive!
By selling beach homes and investing in primary production acreage, investors open themselves to concessions or
exemptions from inflated outgoings due to land tax.
On primary production, exemptions/concessions may apply for landowners who are:
- Cultivating to sell the produce of cultivation (whether in a natural, processed, or converted state).
- Maintaining animals or poultry to sell them or their natural increase or bodily produce (land used for agistment of horses for recreational purposes is not included.
- Keeping bees to sell their honey.
- Fishing commercially, including the preparation for commercial fishing or the storage or preservation of fish or fishing gear.
- Cultivating or propagating for the sale of plants, seedlings, mushrooms, or orchids.
- There is no set dollar value that needs to be earnt to be exempt.
These exemptions and concessions are generally not automatic and must be applied for online. But with a bit of help from the right kind of expert, your time can be better spent breathing in the fresh Peninsula air, rather than paying so much for it!
For more information, support, and the largest range of acreage for sale on the Peninsula, contact the experts at Homes & Acreage.
Key takeaways:
Investors feeling the need to sell a lifelong dream to avoid inflated outgoings
A solution could be to sell and invest in primary production acreage
By doing so, investors open themselves to concessions or exemptions
On primary production, exemptions/concessions may apply for those who are:
- cultivating to sell the produce of cultivation
- maintaining animals to sell them for their bodily produce
- keeping bees to sell their honey;
- fishing commercially
- cultivating or propagating plants
Land used for equine agistment for recreational purposes not included
Exemptions/concessions are generally not automatic and must be applied for.
