In May 2025, the Victorian Government introduced the State Taxation Acts Amendment Bill 2025 which provides various changes that will impact landowners, developers, trustees, and individuals navigating Victoria’s complex tax landscape.
This article outlines the key changes, with commentary on practical implications, compliance requirements, and planning considerations for clients and advisors alike.
The Bill and accompanying Explanatory Memorandum provide more information on the changes discussed below.
Extension to Off-the-Plan (OTP) Stamp Duty Concession
The current OTP concession has been extended again for eligible contracts entered into on or before 21 October 2026. The concession reduces the stamp duty payable by deducting construction costs from the sale price when determining the duty liability. The concession can result in substantial stamp duty saving for the buyer.
The extension provides continued relief for buyers (home owners and investors) of newly built apartments, townhouses and units and will reduce upfront costs to make property more affordable and support housing supply growth with the encouragement of pre-sales.
As the extension is again temporary, rather than the introduction of a permanent concession, developers and advisers should encourage eligible purchases to act before the deadline of 21 October 2026.
For further information on this exemption, please refer to our previous update: New temporary off-the-plan duty concession – SW Accountants & Advisors
Land Tax Exemption for Family Violence Victim-Survivors
Individuals who flee their principal place of residence (PPR) due to family violence may now:
- Receive a land tax exemption for up to 6 years, and
- Requalify for first home buyer benefits under the Duties Act if they purchase a new home.
This reform helps prevent victim-survivors from losing critical concessions during an already traumatic life event. It recognises the economic vulnerability caused by displacement and aims to provide a financial safety net.
Advisors should ensure clients are aware of this exemption and support them in assembling evidence (e.g. intervention orders, police reports) to substantiate claims. It’s a rare intersection of social policy and taxation.
Build-to-Rent (BTR) Concessions – Expanded compliance Obligations
Victoria’s BTR regime continues to evolve, with tightened rules to further uphold the intended purpose of the concession. The key changes introduced by the Bill include:
- Genuine 3-Year Lease Offer: BTR developers must offer tenants a lease of at least 3 years. If a shorter lease is accepted, a declaration signed by both parties must confirm the longer lease was offered.
- 12-Month Lease Minimum: Short-term leases (<12 months) are prohibited from 1 January 2026, except where they follow on from a long-term lease (e.g. as an extension).
- Commissioner’s Discretion: If a property is temporarily uninhabitable (e.g. due to renovation, disaster), the Commissioner may disregard this period when assessing eligibility for BTR benefits.
These provisions are designed to enforce the long-term housing intent of the BTR regime and avoid exploitation via serviced apartments or short-term rentals. Requiring signed declarations ensures the 3-year offer is not a token gesture.
The prohibition on short leases supports stable tenancies but may reduce flexibility in tenant arrangements. BTR operators must ensure their internal processes capture offers, declarations, and tenancy records. Failure to document properly could jeopardise eligibility for land tax concessions.
The Commissioner’s discretion on uninhabitable periods provides welcome relief, offering flexibility in genuine cases of vacancy due to repairs or emergencies. However, expect the SRO to require detailed evidence for such claims.
CIPT Reforms
The Commercial and Industrial Property Tax (CIPT) regime introduced in 2024 has been updated, with reforms focused on clarity and integrity. The key changes include:
- Provisional Use Assessment: Where land lacks an Australian Valuation Property Classification Code (AVPCC), the Commissioner may provisionally determine whether it qualifies for CIPT based on actual use.
- Valuations for Non-Rateable Land: The Commissioner may now request a formal valuation from the Valuer-General for non-rateable or non-leviable land.
- Subdivision Clawback: If a parent lot enters CIPT as a partial transaction, and is subdivided within 3 years, duty will apply to purchases of child lots.
The ability to determine qualifying use without relying on AVPCCs removes administrative bottlenecks, particularly for new developments or rezoned land. Requesting VGV valuations ensures the regime can’t be sidestepped by holding land outside typical local government frameworks (e.g. charities or Crown leases). These stakeholders should re-evaluate holdings for CIPT exposure.
Finally, the subdivision clawback is a targeted anti-avoidance measure. Developers can no longer rely on staging subdivisions to defer or avoid duty once land is partially transitioned into CIPT. It underscores the need for comprehensive structuring advice from project inception.
Trustee Notification Requirements Simplified
Trustees are now only required to notify the SRO of land transactions where:
- they cease to hold land as trustee and acquire it personally, or
- they change the trust under which they hold the same land.
This significantly reduces red tape for routine changes, such as retiring/resigning trustees or administrative changes within a trust and isa change that aligns with practical trustee conduct. However, proper documentation still remains essential when changing the trust deed or transferring beneficial ownership, as these changes may still trigger duty or other tax consequences.
Penalty Tax for Recklessness
An amendment to the Taxation Administration Act 1997 (Vic) introduces a 50% penalty tax for recklessness by a taxpayer or a person acting on their behalf in respect of the taxpayer’s obligations. These penalties will be issued in respect of tax default and notification defaults.
The new penalty level signals that the State Revenue Office will adopt a firmer stance on non-compliance that stems from recklessness. This therefore underscores the importance of:
- Diligent Compliance: Ensuring that all tax obligations are met with due care an attention.
- Professional Advice: Seeking guidance from qualified tax professionals when uncertain about tax positions or obligations.
- Documentation: Maintaining thorough records of decisions and advice received to demonstrate the basis for tax positions taken.
How SW can help
At SW, our property and stamp duty experts can provide analysis and advice around the changes introduced in the Bill and identify the impacts that they can have for you.
Please contact our SW advisors for more information on how the changes may impact you.
Key contacts
William Zhang – Associate Director, Tax
Blake Trad – Consultant, Tax
In celebration of National Reconciliation Week (NRW), SW Accountants & Advisors is proud to announce the launch of its Reflect Reconciliation Action Plan (RAP). This marks an important milestone in the company’s ongoing commitment to reconciliation and strengthening relationships with Aboriginal and Torres Strait Islander peoples.
Aligned with this year’s NRW theme, ‘Bridging Now to Next’, the Reflect RAP is a key initiative in SW’s efforts to close the gap between First Nations and the wider community. The plan represents the company’s dedication to building an inclusive, respectful, and diverse workplace culture, and it sets the framework for tangible, meaningful action in support of reconciliation.
“We recognise that reconciliation is a shared responsibility,” said Duane Rogers, CEO of SW Accountants & Advisors. “The development and launch of our Reflect RAP has been a significant journey of learning, reflection, and collaboration. It’s not just a document – it’s a commitment to real, meaningful action that will shape our future and our relationships with Aboriginal and Torres Strait Islander communities. Every step we take helps build a stronger foundation, not only within our firm but also in the communities where we live and work.”
Amanda Lee, Chair of the RAP Working Group, shared her perspective: “It’s been a privilege to work with such a dedicated group of people on this project. The Reflect RAP is a vital first step in developing long-term, meaningful relationships with Aboriginal and Torres Strait Islander peoples. We’re proud to see it come to life and look forward to taking the next steps together.
Duane Rogers also expressed his gratitude to the RAP Working Group, which includes Kate Morhi, Amanda Lee, David Meagher, Taylah Cooke, Maeve Cahill, and Steve Allan. He acknowledged everyone who contributed through feedback, discussions or support, highlighting that the achievement of this plan is the result of a collective effort.
The Reflect RAP outlines key engagement activities, including:
- Mandatory training for all staff through the SBS Inclusion program
- NAIDOC Week Smoking Ceremonies and attendance at National Reconciliation Week events
- Participation in the National RAP Conference
- Support for the Murra Murra Indigenous Business Master Class Program
- Organising First Nations Heritage Walks
- Training with Acknowledge This!
SW Accountants & Advisors remains committed to continuing its journey of learning and taking real steps toward reconciliation. The launch of the Reflect RAP is just the beginning, and with the theme ‘Bridging Now to Next’, the company is excited about the positive impact it will continue to make in the years to come.
To access our Reflect RAP document, click here.
For more information about the Reflect RAP or SW Accountants & Advisors’ commitment to reconciliation, please contact Amanda Lee: alee@sw-au.com
SW is proud to mark a significant milestone in 2025—90 years of excellence and strong partnerships. The firm’s origins date back to 1935 with the founding of Hughes Fincher Moore Stephens, the antecedent firm of SW and the Australian member of Moore Stephens. Since then, SW has built a reputation for delivering expert advice and developing meaningful connections with clients and employees.
Reflecting on this achievement, CEO Duane Rogers said:
“This year marks an incredible milestone—SW’s 90th anniversary! It’s important to reflect on the people who have been integral to getting us to where we are today. Our firm’s purpose is to build lasting relationships with our clients and people to achieve success. We’re proud to have many long-standing clients who have been with us for over 20 years. Equally, we have numerous partners and staff who have helped shape the firm for 10, 20, 30, and even 40 years, leaving a lasting impact on our journey.”
Over the past decade, SW has experienced remarkable growth, further cementing its position as a leader in the industry. The firm remains committed to innovation and a client-focused approach that has been the foundation of its success.
As part of the anniversary celebrations, SW is continuing with its market campaign: “Australia’s Best Kept Accounting Secret”, highlighting the firm’s deep industry expertise, client-first approach, and strong presence in the market. Alongside this, the “Discover endless possibilities“ employee branding campaign will showcase the breadth of career opportunities at SW, reinforcing our commitment to developing and supporting our people.
To celebrate this milestone, SW has planned a series of events throughout the year, bringing together employees, clients, and stakeholders to honour the firm’s legacy. A special 90-year anniversary graphic will also feature across official communications and materials.
“Looking ahead, we are excited about the future and our continued journey of growth and success,” Rogers added. “Thank you for being a valued part of our history and our future. Here’s to celebrating 90 years of success and many more ahead!”
For more information about SW’s history and upcoming celebrations, visit Celebrating 90 Years of SW – A legacy of growth & innovation
SW Accountants & Advisors (SW) is pleased to announce the promotion of Amy Zhang and Brent Sheers to Partner within the Assurance & Advisory Division. Their dedication, technical expertise, and commitment to excellence have been instrumental in driving success for both the firm and its clients.
Mr Duane Rogers, CEO of SW said: “These promotions reflect our firm’s commitment to recognising and investing in our people. Both Amy and Brent exemplify the firm’s values and dedication to delivering outstanding service to clients. Amy’s leadership, strong work ethic, and deep understanding of international business dynamics have significantly contributed to our firm’s growth. Her ability to bridge cultures and navigate complex cross-border engagements makes her an invaluable asset to the team,”
Amy Zhang joined SW in 2014 as a graduate auditor and has since dedicated her career to delivering high-quality audits and advisory services. Having migrated from China to Australia in 2007, over the past decade, she has established herself as a trusted advisor, particularly in managing the firm’s Mandarin-speaking client base and cross-border engagements with China, Taiwan, and Hong Kong. Amy’s deep understanding of international business and cultural diversity strengthens SW’s global capabilities. Leveraging her deep connections with various SW offices in mainland China, Hong Kong and UK. Amy has provided strategic insights to clients navigating international business landscapes.
Brent joined SW as a graduate eleven years ago and has since built an impressive track record in external audit and assurance services across diverse industries. His ability to manage complex engagements, mentor high-performing teams, and drive operational excellence has made a significant impact on the firm’s success.
With deep expertise in the Education and Agribusiness sectors, Brent has played a critical role in delivering high-quality assurance services tailored to the evolving needs of these industries. He has also been the Audit Manager for two of the divisions largest clients in the sector. His strategic approach, technical acumen, and strong client relationships have positioned him as a trusted advisor, ensuring SW remains a leader in delivering value-driven solutions.
Mr Rogers further states: “Brent’s ability to build strong relationships with clients has been a key driver of success in our Education and Agribusiness sectors. His leadership will continue to enhance the firm’s position in the market and support the professional growth of our team.”
Ms Hayley Underwood, National Head of Assurance & Advisory, expressed her enthusiasm for the promotions, stating:
“Brent and Amy exemplify the dedication, expertise, and leadership that define our firm. Their promotions to Partner are well deserved, and we look forward to their continued contributions in driving excellence and growth at SW.”
SW now has 46 partners with 400 people located across Melbourne, Sydney, Brisbane and Perth.
Media inquiries
Amanda Lee | Chief Marketing Officer
T | +61 8653 1853 M | +61 430 322 306 E | alee@sw-au.com W | sw-au.com
SW is a leading provider of Assurance & Advisory services, committed to delivering exceptional client outcomes through a culture that balances professional excellence with personal well-being. The firm has 46 partners and 400 staff across Melbourne, Sydney, Brisbane and Perth.
With the Federal Budget set to be delivered on Tuesday, 25 March 2025, the big question is: What’s on the table for businesses, industries, and communities across Australia?
Australia is facing significant economic challenges, and some predict a difficult time ahead. With inflation, tariffs, interest rates, the cost of living, and housing pressures rising—alongside a decline in exports—Australians want to know what is in Treasurer Jim Chalmers’ cookbook to tackle these issues and what solutions he can put on the table for the country.
Budget Breakfast Webinar | What’s on the table
Join us as we digest the details of the 2025 Federal Budget at an informative webinar with an interactive Q&A session.
Our host, Matt Birrell will be joined by ANZ Senior Economist, Madeline Dunk as well as our SW industry experts to breakdown the key details of the FY25 Federal Budget.
Online registration details
Date Wednesday 26 March 2025
Time 9.30am – 11am (AEDT)
Expert speakers
Follow us on LinkedIn to receive the latest updates on Federal Budget and other important industry news.
SW Accountants & Advisors (SW) is proud to announce the upcoming addition of Kreston Stanley Williamson (KSW), a respected Sydney-based firm, to our growing national network, effective 3 March 2025. This merger represents another important milestone in our continued expansion, further strengthening our capabilities and commitment to providing top-tier service to clients across Australia.
Duane Rogers, CEO of SW, expressed his enthusiasm about this strategic move: “We are incredibly proud to welcome such a talented and experienced team to our Sydney office. With their deep expertise in professional practice and their reputation as trusted advisors, KSW will significantly enhance our service offerings in the region. Their commitment to supporting their people’s career growth and expanding their service portfolio perfectly aligns with our goals as we continue to strengthen our position in Sydney.”
Under the leadership of Managing Partner Michael Goodrick, and supported by fellow partners Kamal Thakkar and Quang Tat, Darren O’Malley and Ben Barter, KSW’s team of 30+ professionals will be integrated into SW, expanding our Sydney presence to over 100 dedicated staff. With more than 50 years of experience in the Sydney market, KSW brings with it a well-established reputation for delivering comprehensive accounting, auditing, tax, and business advisory services across key industries such as professional and financial services, manufacturing, software and technology, start ups, construction and maintenance, storage, advertising and media, mining, retailers and property.
Michael Goodrick, Managing Partner of KSW, commented, “The culture we’ve cultivated at KSW has been the result of decades of hard work and commitment. We’re excited to join a firm like SW, whose values and culture align with ours. Their focus on building lasting relationships with both clients and people is something we’ve always stood by, and we are confident that this partnership will allow us to continue to support the needs of our clients while offering exceptional career pathways for our team.”
This addition to the SW team is a testament to the firm’s ongoing commitment to supporting the growth and development of its people. The integration of KSW’s team will further bolster SW’s core divisions, including Business and Private Clients and Assurance and Advisory services, providing additional resources to meet the evolving needs of our clients.
“We are focused on creating career pathways for our people and expanding our services to meet the growing demands of our clients,” said Michael Goodrick. “This partnership will empower us to deliver even more comprehensive solutions, including audit, corporate finance, and specialist tax services, while ensuring that our team has access to a broad range of professional growth opportunities.”
Michael Goodrick added, “We are excited to join a firm with a clear growth strategy, supported by a culture rooted in values and a strong commitment to client service. This opportunity will allow us to better serve our clients and expand our professional reach, both nationally and internationally.”
The expansion into Sydney follows the addition of key partners, including Greg Will from Armstrong Dawson in 2022 and Vanessa Priest and Kirsty McDonnell in 2024. This continued growth enhances SW’s ability to deliver high-quality services across a range of sectors and solidifies its reputation as an employer of choice in the accounting and advisory industry.
At SW, we believe our ability to attract high-calibre talent speaks to our strong values, culture, and commitment to growth. As we move forward, we remain dedicated to building a workplace where individuals can thrive and build meaningful careers while contributing to the long-term success of our clients.
Media inquiries
Amanda Lee | Chief Marketing Officer
T | +61 8653 1853
M | +61 430 322 306
E | alee@sw-au.com
感谢您一直以来的支持。 祝愿您在新的一年里幸福安康、成就辉煌。Thank you for your support throughout the year. We wish you a healthy, successful & prosperous new year.
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SW Accountants & Advisors (SW) is delighted to announce the promotion of Blake Rodgers to Partner, effective 1 January 2025. This appointment highlights SW’s commitment to recognising talent and building leadership within the firm.
Commenting on Blake’s appointment, SW’s CEO, Duane Rogers, stated: “Blake’s promotion is a testament to his exceptional dedication, expertise, and contributions to our clients and the firm. His leadership in the Property & Infrastructure industry group and private client space has seen him involved in key initiatives including the flagship Emerging Developer Series, Commercial rent relief, State and Federal budgets and the ACBC Property Development working group. We are thrilled to welcome him to the partnership.”
Tim Stillwell, National Head of Business Private & Client Advisory, also shared his thoughts: “Blake’s high calibre of technical, personable, communicative and commercial acumen demonstrated over the past eight years is unquestionable. He consistently delivers tailored solutions to clients and mentors colleagues with genuine care and insight. His strategic thinking and collaborative approach make him an invaluable leader within SW.”
Since joining SW in 2016 from PwC as a Manager, Blake has demonstrated an outstanding commitment to providing innovative solutions and building strong relationships with clients across the property and construction sectors. He is well-regarded for his expertise in property, working with many clients that continue to grow, invest in projects, fund and syndicate third party projects. Blake’s focus in supporting national opportunities, with a focus also in Victoria and on regional areas such as Geelong, also demonstrates his passion for supporting team growth and development.
Mr Rogers further states: “This appointment reflects SW’s dedication to cultivating a thriving environment for its people and delivering exceptional value to its clients. Our Senior Leader program, having received several accolades this year is testament to the investment we make in our people in supporting them on their career journey.
From all of us here at SW, we would like to thank you for your continued support throughout 2024. We are incredibly proud of how our community has demonstrated the values in this year #ownit #loveyourwork #embracetheride #sharetheload #opendoors. We wish you and your family the very best for the festive season and a healthy, happy and successful 2025.
Our offices will be closed from Monday 23 December 2024, reopening Monday 6 January 2024.