12/10/2021
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 […]
25/08/2021
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 […]
06/05/2021
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 […]
08/04/2021
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 […]
03/03/2021
Guidelines have been released, outlining the Land tax concession, Surcharge land tax exemption and Surcharge transfer duty exemption for Build to Rent properties in New South Wales. In August 2020, the NSW Government introduced certain tax concessions for approved Build to Rent (BTR) schemes in New South Wales, being; A 50% reduction in the value […]
16/02/2021
The Land Tax Assessments for 2021 are being issued by the relevant State Revenue Offices (SRO). Are they correct and are you paying too much Land Tax? Usual Land Tax Assessment process Each Council/Shire engages a Licensed Valuer for the purpose of valuing each property in their municipality in respect of: The Capital Improved Value […]
18/11/2020
The NSW Government has tabled a 2020-21 State Budget which is very much focused on job creation and the improvement of government services, whilst continuing to keep people safe. Key Takeaways Projected deficit of $16bn (2019-20 deficit $6.9bn). Return to surplus by 2024-25 $29bn committed to economic support measures (including pre-budget measures) in response to the […]
15/09/2020
The Victorian State Revenue Office (SRO) has recently released a draft ruling for consultation on the meaning of the term ‘land development’ (draft revenue ruling DA-064). The new draft ruling and the definition of ‘land development’ in a duty context is of particular relevance to: foreign purchasers purchasers involved in pre-settlement nomination arrangements Foreign purchasers […]
14/09/2020
As Victoria’s lockdown continues, the State Government has recognised that further support is needed for Victorian businesses. Below is a summary of the various tax relief and grants announced. Vacant Residential Land Tax Relief (VRLT) VRLT is annual tax of 1% of the council capital improved value and it applies to residential land in specified […]
03/08/2020
NSW has announced important land tax and foreign investor surcharge concessions for new build-to-rent (BTR) projects until 2040. The NSW Government last week announced tax concessions for new BTR projects until 2040, and also released a new streamlined Housing Diversity State Environmental Planning Policy that includes proposed development standards for BTR developments and other affordable […]