Bill introduced to implement new Commercial and Industrial Property Tax that progressively replaces Land transfer (stamp) duty from 1 July 2024
The Victorian State Government has introduced a highly anticipated bill to implement the new Commercial and Industrial Property Tax with only three months to go until the 1 July 2024 start date. Those looking to acquire commercial or industrial properties or plan restructures within existing corporate/family groups should consider the interaction of the new regime with existing taxes.
Significant changes to Victorian land tax assessments to result in higher land tax bills
NSW taxpayer denied Stamp Duty Exemption as Deed ‘Agreement to Transfer’ (and dutiable) and not ‘Transfer of Property’ in Imbree
On 24 January 2024, in Imbree v Chief Commissioner of State Revenue [2024] NSWCATAD 22 (Imbree) the NSW Civil and Administrative Tribunal (Tribunal) held land transfer (stamp) duty was payable with respect to transfer of property to a superannuation fund as the Deed was held to be an ‘agreement to transfer’ (and dutiable) and not a ‘transfer of property’ and therefore did not qualify for exemptions.
Federal legislation introduced to allow States to impose foreign surcharge stamp duty
Khalil - Discretionary trust triggers foreign land tax surcharge due to incorrectly drafted exclusionary clause
This is a cautionary tale for ensuring that discretionary trust deeds are amended correctly so that “foreign” land transfer (stamp) duty and land tax surcharges are not triggered. Unfortunately, in the decision of Khalil & Associates Pty Ltd ATF The George Khalil Family Trust v Chief Commissioner of State Revenue [2024] NSWCATAD 23 (Khalil), the NSW Civil and Administrative Tribunal (Tribunal) found the particular amendment did not prevent the triggering of such a surcharge.
Vacant Residential Land Tax Changes and Significant Actions Required by Landowners
Holiday homes to be hit by Victoria’s vacant residential land tax unless usage documented
New Year – New Changes: Top 20 Victorian State Tax Measures From 1 January 2024, Including Vacant Residential Land Tax Changes
Victoria has a wide range of significant State tax changes commencing 1 January 2024 which impact numerous individuals, businesses, and land holders. Many were introduced under the State Taxation Acts and Other Acts Amendment Act 2023 which received Royal Assent on 12 December 2023.