09/10/2023
As part of the State Taxes Acts and Other Acts Amendment Bill that has been introduced to Parliament, the Allan government is set to expand the Vacant Residential Land Tax (VRLT) from 1 January 2025 to apply statewide. Currently, the VRLT applies to only inner and middle suburbs of Melbourne. VRLT will continue to be […]
09/10/2023
The Australian Taxation Office (ATO) has finalised Taxation Ruling TR 2023/3, an update to the draft ruling TR 2021/D5. This ruling, effective from 1 July 2019, focuses on the deductibility of expenses related to holding so called “vacant” land. Taxpayers considering holding or investing in land need to understand the implications of this ruling. Summary […]
24/05/2023
The 2023/24 State Budget delivered by the Victorian Government seeks to repay COVID-19 debt through taxing big business and property investors. Temporary levies and job cuts are central to the 10-year fiscal repair plan which are set to impact business and employment. Key takeaways Larger businesses and landlords will have to pay additional taxes to […]
12/09/2022
The State Revenue Office of Victoria (SRO) recently released a draft Ruling on the operation of the economic entitlement provisions contained in the Duties Act 2000 (Duties Act). Our experts look at whether the guidance provides clarity for the property industry and investors. On 30 August 2022 the State Revenue Office of Victoria (SRO) released […]
22/06/2022
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 […]
25/05/2022
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 […]
06/04/2022
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 […]
15/10/2021
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 […]
14/10/2021
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 […]
14/10/2021
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 […]