NSW property tax reform

The NSW Government has announced first home buyers will be able to choose to pay an annual property tax instead of stamp duty. This significant proposed property tax reform aims to reduce the upfront cost for purchasing a home. First home buyers purchasing properties up to $1.5m as their principal residence will now be able […]

Broader university exemption for Windfall Gains Tax, VIC

Further to legislation passed in November 2021, current proposed amendments to Victoria’s Windfall Gains Tax expands exemption for universities. Introduction of Bill includes a further exemption State Taxation and Treasury Legislation Amendment Bill 2022 (part 8) provides an exemption from the Windfall Gains Tax for land owned by a university in certain circumstances.  Background The […]

NSW significantly expands stamp duty regime

Broad ranging stamp duty amendments currently being considered in NSW include extending duty to change of beneficial ownership transactions, expanding anti-avoidance provisions, increasing penalties for SGEs and introducing promoter penalties. On 23 March 2022, the State Revenue and Fines Legislation Amendment (Miscellaneous) Bill 2022 (NSW) was introduced into the New South Wales Legislative Assembly. The […]

Victorian Universities – Windfall gains tax & changes to charity land tax exemption

Changes to charity land tax exemption to increase University land tax bills. The recently released Windfall Gains Tax and State Taxation and Other Acts Further Amendment Bill 2021 has introduced Victoria’s new Windfall Gains Tax and included changes to the charity exemption for land tax. This should be considered closely by Universities that hold land […]

Windfall gains tax

After being deferred 12 months from the original Victorian Budget announcement, the windfall gains tax (WGT) will come into effect on 1 July 2023. This applies to uplifts in land value resulting from amendments to planning schemes that take effect on or after 1 July 2023 and is payable by the owner of the land […]

Victorian Build to Rent Concessions introduced

The Victorian Government has introduced Build to Rent Concessions in the form of a 50% reduction in land tax and an exemption from the land tax Absentee Owner Surcharge. Build to Rent (BTR) projects which will in turn ensure Victorians have access to more rental homes and a greater range of housing options. BTR Benefits […]

Property Tax Update

Recent changes to land tax and duties will impact foreign property owners. Most States across Australia tinkered with their foreign owner land tax and duty regimes as part of their last budget. None of these changes were good for foreign investors. These changes mainly impact residential property but they also impact on commercial property in […]

NSW COVID-19 land tax relief

The NSW Government land tax relief is now available to commercial and residential landowners who provide a reduction in rent to tenants experiencing financial distress due to COVID-19. Following a similar scheme provided in 2020, the current program provides a reduction in land tax payable for the 2021 land tax year for eligible landowners providing […]

South Australian Land Tax – Trust nomination

Reminder: 30 June 2021 deadline to nominate beneficiary for discretionary trusts holding South Australian land acquired pre-16 October 2019. As part of the measures introduced in The Land Tax (Miscellaneous) Amendment Act 2019 (Amending Act),  surcharge rates (0.5% higher than marginal rates applied to non-trusts holdings) of land tax will be imposed on certain types […]

Education Update – Victorian land tax exemption for student accommodation

The University of Melbourne has successfully argued that land tax is not payable with respect to land, situated on campus, that is leased to a student accommodation provider. Background The University of Melbourne (the University) entered into a number of agreements including the Project Deed, an agreement for lease, and an operator’s side deed between […]