Windfall Gains Tax - legislation released – certain concessions granted
In line with the 2021/22 Victorian Budget announcements and following targeted consultations with various stakeholders, the Victorian Government has recently tabled a Bill to introduce the windfall gains tax - Windfall Gains Tax and State Taxation and Other Acts Further Amendment Bill 2021 (Bill).
A Guide to Understanding Land Tax: Part 7 - Primary Production Exemption
This is part 7 of our Land Tax Series which aims to deconstruct the various aspects of the complex land tax legislation.
A guide to understanding Land Tax Part 8: Charities, sporting clubs, not for profits and other exemptions
A Guide to Understanding Land Tax: Part 9 – Objections
Managing Tax and Revenue Office Audits During COVID-19
Primary production land tax exemption knocked back – the Annat case
Annat v Commissioner of State Revenue [2020] VSC 108 (Annat) highlights the real risk faced by some farm owners in qualifying for a primary production land tax exemption .
Due to the Victorian State Revenue Office’s approach and scrutiny on primary production lands of late, traditional farming land owners are finding that they now must understand the difficult legislative requirements surrounding primary production land tax exemptions, the resulting structuring and record keeping requirements to ensure that they are not unintentionally exposing themselves to large land tax liabilities.