Stamp Duty

Sladen Snippet - Victorian Budget 2019/20 – Royal Assent is received

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

Sladen Snippet - Victorian Budget 2019/20 – Increase of foreign duty and land tax surcharges

Sladen Snippet - Victorian Budget 2019/20 – Increase of foreign duty and land tax surcharges

As set out in the recent controversial Victorian Budget, the State Taxation Acts Amendment Bill 2019 (Vic) contains amendments directly impacting any foreign persons or entities holding Victorian properties.

MD Commercial: transfers to “bare” trustees failed to qualify for an exemption from Victorian stamp duty

MD Commercial: transfers to “bare” trustees failed to qualify for an exemption from Victorian stamp duty

The Victorian Supreme Court in the decision of MD Commercial Pty Ltd & AJ Commercial Pty Ltd v Commissioner of State Revenue [2018] VSC 560 confirmed that certain transfers of land to trustees were not exempt from duty under section 35 of the Duties Act 2000.

Sladen Snippet - Additional stamp duty trigger for option agreements

Sladen Snippet - Additional stamp duty trigger for option agreements

As part of the Victorian State Budget, a number of stamp duty changes have been proposed, many of which have received significant media attention (including the abolition of the off the plan duty concession for investors, the abolition of stamp duty for some first home buyers, and the removal of the blanket duty exemption for transfers between spouses).

Sladen Snippet - Court interprets ‘economic entitlement’ stamp duty provisions in favour of developer

Sladen Snippet - Court interprets ‘economic entitlement’ stamp duty provisions in favour of developer

The Supreme Court of Victoria has recently handed down the first decision interpreting the ‘economic entitlement’ provisions in the Duties Act 2000 (Vic) (Duties Act). These provisions were introduced in 2012 as part of the shift from a “land rich” to a “landholder” model for assessing duty in Victoria on the acquisition of interests in certain land owning entities.