New South Wales State Budget 2024-25 – Increase to foreign surcharges and payroll tax relief for GP contractors
Bill Implementing New Commercial and Industrial Property Tax Replacing Stamp Duty From 1 July 2024 Passed Without Amendments - Future Changes Flagged
The new Commercial and Industrial Property Tax reform that progressively abolishes stamp duty on commercial and industrial property from 1 July 2024 is one of the most significant Victorian property tax reforms in the past 30 years. Anyone looking to buy or sell commercial or industrial property will be impacted.
Baullo – Forgiveness of beneficiary loans trigger land transfer (stamp) duty for a distribution of a property from a trust
It has been a long held view of the State Revenue Office (SRO) that if beneficiary loans are forgiven in connection with a distribution of real estate from a discretionary trust to a beneficiary, then the duty exemption in section 36A of the Duties Act 2000 (Vic) will not apply and the transfer will trigger land transfer (stamp) duty.
“Sneaky” change to Windfall Gains Tax valuation objections
NSW foreign surcharges – international tax treaties update – more countries excluded from the regime
In our previous article, we discuss Revenue NSW’s announcement that it has determined that NSW surcharge purchaser duty and surcharge land tax are inconsistent with international tax treaties entered into by the Australian Federal Government and certain countries (Treaty Countries).
On 29 May 2023, Revenue NSW has updated its list of Treaty Countries to now include India, Japan, Norway and Switzerland.
NSW Government determines that surcharge purchaser duty and surcharge land tax is inconsistent with international tax treaties
On 21 February 2023 Revenue NSW announced that it has been determined that NSW surcharge purchaser duty and surcharge land tax (Surcharge Provisions) are inconsistent with international tax treaties entered into by the Australian Federal Government with New Zealand, Finland, Germany, and South Africa (Treaty Countries).
Purchasers and Developers: duty is payable on late settlement interest
VCAT finds the sub-sale double duty provisions are triggered due to land development
The Victorian Civil and Administrative Tribunal’s (VCAT) decision in Hartman v Commissioner of State Revenue (Review and Regulation) [2022] VCAT 28 (Hartman Case) is a rare decision on the application of the sub-sale “double duty” provisions in the Duties Act 2000 (Vic) (Act).
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.
COVID and State Taxes: What Victorians need to know in 2021
“Stamping” Of Trust Deeds In Victoria
Sladen Snippet - Is a valuation required for land transfer (stamp) duty calculations? – SRO updates guidance
State tax COVID-19 reliefs 2.0
In April 2020 we reported on Land Tax and Payroll Tax measures state and territory revenue offices made in response to the COVID-19 pandemic. As the ramifications of COVID-19 continue to affect Australians, these measures have since been extended and new measures announced.
Duty payable on discharge of vendor’s debt by purchaser of land
In the recent decision of Gulliman Pty Ltd v Commissioner of State Revenue [2020] VCAT 804, the Victorian Civil and Administrative Tribunal (Tribunal) held that the discharge of debt owed by vendor to purchaser in respect of previous transaction amounts to non-monetary consideration and, therefore, was subject to land transfer (stamp) duty.
Sladen Snippet –Trust deeds of discretionary trusts holding NSW residential land must now be amended before 31 December 2020 to avoid foreign surcharges
As referred to in our previous articles, the State Revenue Legislation Further Amendment Bill 2020 (NSW) has now received royal assent on 24 June 2020.
Sladen Snippet - It’s not too late for your NSW discretionary trust holding residential land
As outlined in our previous article, the State Revenue Further Amendment Bill 2019 (NSW) was introduced to NSW Legislative Assembly on Tuesday 22 October 2019, and proposed to make changes to New South Wales land tax and duty legislation.
Sladen snippet – does your discretionary trust hold residential land in NSW? If so, you may need to amend its deed by 31 December 2019
As outlined in our previous article, under the proposed changes to New South Wales land tax and duty legislation, a trustee of a discretionary trust (including testamentary trusts) will be deemed to be a “foreign trust” if the terms of the trust do not prevent a foreign person from being a beneficiary of the discretionary trust. Importantly, these changes are proposed to have retrospective effect to the 2017, 2018 and 2019 land tax years and can catch dutiable transactions back to 21 June 2016.
The new ‘economic entitlement’ provisions in Victoria
The ‘economic entitlement’ provisions are unique in Victoria. Pursuant to the amendments to the legislation as part of the Victorian 2019/20 budget, from 19 June 2019 these provisions now apply to impose duty where an economic entitlement is acquired in relation to Victorian land and any Victorian landholding entity.
Sladen Snippet - Victorian Budget 2019/20 – Royal Assent is received
The State Taxation Acts Amendment Bill 2019 (Vic) has received royal assent on 18 June 2019. Following this, the measures outlined below will take effect from 19 June 2019