Busy day in Parliament – Victorian Government responds to stamp duty and apartment design standards
On Thursday 21 March 2024, the Victorian Government released its responses to the inquiries in relation to land transfer duty fees and apartment design standards. Key takeaways are provided below. Commercial and Industrial Property Tax The government in its response confirmed its commitment to abolish and replace stamp duty with the Commercial and Industrial Property […]
ReadmoreBuild-to-Rent short series | Has the planning scheme caught up?
The Gadens Build-to-Rent short series will focus on emerging property and development issues that affect Build-to-rent (BTR) projects – covering planning, subdivision structuring, fund-through models and management issues. Click through the following links to read each instalment. Build-to-Rent short series | Subdivisional solutions Has the planning scheme caught up? As BTR projects are increasing in popularity […]
ReadmoreA novel approach to review of ‘too high’ land valuations in Victoria
On 9 March 2023 the Victorian Civil and Administrative Tribunal (VCAT) has sought to settle a much contested area of law in respect to the review of a valuation of land in the preliminary decision in S & JG Investments Pty Ltd v Valuer-General Victoria (Land Valuation) [2023] VCAT 246 (S & JG Investments). In […]
ReadmoreCOVID-19 | Victorian Commercial Tenancy Relief 3.0 – Victoria introduces extended rent relief for small business
In response to the ongoing impact of COVID-19, the Victorian Government has now released the Commercial Tenancy Relief Scheme Regulations 2022 (Vic) (2022 Regulations) which extends the entitlement to rent relief and related protections for certain small businesses. What has changed? Our previous publication on the Commercial Tenancy Relief Scheme Regulations 2021 (2021 Regulations) can be found […]
ReadmoreCOVID-19 | Land tax relief for landlords in NSW
The NSW Government has introduced further land tax relief measures for the 2021 Land Tax Year to landlords who provide rent relief waivers to tenants experiencing financial distress due to the COVID-19 pandemic. Eligibility For a landlord to be eligible for relief for the 2021 Land Tax Year the following criteria apply and must be […]
ReadmoreCountering Victoria’s Land Tax Grab
Amidst the outcry over the Victorian Government’s recently announced increases in land tax rates, it is more important than ever for landowners to consider potential strategies for containing their land tax cost. Indeed the latest announcement is just a further symptom of the Government over-reliance on land tax, which is also impacting landlords in a […]
ReadmoreBellamy’s cry for “cost capping” in competing McKay and Basil class actions dismissed by the Full Court of the Federal Court
On 23 August 2019, the Full Court of the Federal Court in Bellamy’s Australia Limited v Basil [2019] FCAFC 147 (Bellamy’s) unanimously dismissed the applicant’s application for leave to appeal “costs capping” orders, initially rejected by the primary judge at first instance. Bellamy’s Australia Limited (BAL) is the respondent to two class actions: McKay Super […]
ReadmoreStamp duty changes to hit residential developments in Victoria
The Victorian Government is proposing a sweeping reform of the “economic entitlement” provisions of the Victorian duties legislation. The result of the proposed changes would be to effectively bring to duty a common form of project funding and structuring used for residential developments in Victoria. Typically these transactions enable a residential developer to secure rights […]
ReadmoreDeath and taxes – one’s really going to hurt
As you will be aware, between February and May each year, the State Revenue Office issues land tax assessments for the calendar year to Victorian land owners (except where all landholding is exempt). The 2019 land tax assessment assesses landholdings owned by a land owner as at midnight on 31 December 2018. With property prices […]
ReadmoreAre you ready for the GST withholding regime?
Changes to the payment of GST on new residential property are due to take effect from 1 July 2018. The changes are an administrative measure which although not imposing a new tax, do have significant ramifications for property developers as it will impact the settlement process and cash flow. The changes apply to sales of […]
Readmore2017/2018 State and Federal Budgets: new and revised taxation measures
1. Proposed Vacant Residential Land Tax (VRLT) The Victorian Government recently announced a proposal for vacant residential land tax. These changes are contained within Part 4 of the State Taxation Acts Amendment Bill 2017 (Vic) (‘the Bill’) and will alter the Land Tax Act 2005 (Vic). The Bill is expected to be passed in June […]
ReadmoreVacant Property Tax in Victoria
From 1 January 2018 a vacant residential property tax will be introduced in Victoria. The purpose of the tax is to discourage owners having properties vacant for a cumulative period longer than 6 months within a calendar year. The tax is limited geographically to properties located in the following Councils as highlighted in orange below: […]
Readmore
