From pointonpartners.com.au: The State Taxation Further Amendment Act 2024 introduces significant changes to the vacant residential land tax (VRLT) exemptions, effective from January 1, 2025, allowing companies and trustees to qualify for holiday home exemptions under certain conditions.

Properties purchased in trusts after November 28, 2023, are generally ineligible for VRLT exemptions, except in their first year of purchase, while those continuously owned prior qualify if they meet specified usage criteria.

The exemptions require individuals, companies, and trusts to meet strict conditions regarding ownership, occupation, and beneficiary definitions to avoid VRLT liabilities.