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2021 Victorian State Budget - Prepare for tax increases

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2021 Victorian State Budget - Prepare for tax increases

The Victorian State Budget for the 2021-2022 year brings with it particularly broad-ranging state taxation measures that will impact a diverse cross-section of the Victorian community. The changes include increased land tax and transfer (stamp) duty rates as well as new tax measures such as the windfall gain tax on rezoned land and a mental health and wellbeing levy (payroll tax surcharge).

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Sladen snippet – default interest subject to duty

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Sladen snippet – default interest subject to duty

Land transfer duty is calculated on the dutiable value of the property. In Commissioner of State Revenue (Vic) v 1043 Melton Highway Pty Ltd [2020] VSC 820, the Supreme Court considered default interest is included in ‘consideration’ for the transfer of dutiable property.

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COVID and State Taxes: What Victorians need to know in 2021

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COVID and State Taxes: What Victorians need to know in 2021

The coronvirus pandemic continues to have an impact on the health of Victorians and the econmy of the State. In recognition the Victorian Government continues to provide a number of state tax and duty relief measures to assist Victorians with the economic impact of the pandemic.

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Sladen Snippet - Mere acknowledgement of trust found not to be liable

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Sladen Snippet - Mere acknowledgement of trust found not to be liable

In CCSR v Benidorm Pty Ltd [2020] NSWCA 285, the NSW Court of Appeal found that a ‘declaration of trust’ did not trigger duty on the basis that it merely acknowledged the existence of an existing trust.

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“Stamping” Of Trust Deeds In Victoria

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“Stamping” Of Trust Deeds In Victoria

While the application of land transfer (stamp) duty is reasonably straight forward for land transfers such as a purchase of property under a contract of sale, the application of duty in relation to declarations of trust can be complicated.

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Sladen snippet: Victorian relief measures in response to the bushfires and COVID-19 pandemic now law

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Sladen snippet: Victorian relief measures in response to the bushfires and COVID-19 pandemic now law

As of 1 May 2020, the State Taxation Acts Amendment (Relief Measures) Act 2020 (Vic) introduces various changes to land transfer duty and payroll tax relief measures as part of the government’s response to provide relief measures for bushfire affected areas and the COVID-19 pandemic.

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Sladen Snippet: Additional Tax Relief Announced by the Victorian Government

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Sladen Snippet: Additional Tax Relief Announced by the Victorian Government

The Victorian Treasurer Tim Pallas announced on 5 May 2020 that the Victorian Government will provide additional tax relief to businesses suffering as a result of COVID-19. The measures, which bring the Government’s economic survival and job package cost to $1.7billion include: