Stamp Duty Out, Commercial and Industrial Property Tax In Starting 1 July 2024
From 1 July 2024, a new state taxes regime commences for certain commercial and industrial properties. Upfront land transfer (stamp) duty will be phased out in lieu of a new annualised Commercial and Industrial Property Tax (New Tax).
Exemption from SMSF Stamp Duty - Property Transfer to Superannuation Fund Beneficiaries
A transfer of real property from a superannuation fund to a beneficiary of the fund
![Baullo v Commissioner of State Revenue [2023] VCAT 1164: Beneficiary Loans, Land Transfer Duty, and Discretionary Trusts](https://images.squarespace-cdn.com/content/v1/62940022bdc06b31c5ba0c30/1703029768199-5GRBFUR1AY23KZ8PO114/pexels-maria-orlova-4940760.jpg)
Baullo v Commissioner of State Revenue [2023] VCAT 1164: Beneficiary Loans, Land Transfer Duty, and Discretionary Trusts
The VCAT ruling of Baullo v Commissioner of State Revenue [2023] VCAT 1164 (Baullo), has reaffirmed the position of the State Revenue Office (SRO) that forgiving beneficiary loans in relation to a distribution of property from a discretionary trust to a beneficiary will prohibit utilisation of the exemption to land transfer (stamp) duty afforded by section 36A of the Duties Act 2000 (Act).
Recent VCAT ruling heightens stamp duty risk in capital raisings
A recent VCAT decision has served as an important reminder for those undertaking capital raising for funds investing in real property, including for development.
Family Farm Transfer Exemption – Transferring the Family Farm to related Parties
Farmland is often the single most valuable asset for a farming family. The farm provides a base from which to operate the farming business and the capital value of the farmland typically increases in value over the long term.
Stamp duty exemption - transfer from discretionary trust to beneficiary
Ordinarily, land transfer duty (stamp duty) is paid by the transferee at the time of the transfer of dutiable property, such as real property, unless an exemption to stamp duty is applicable.
Changes to Land transfer (Stamp) duty in Victoria from 25 November 2020
The Victorian State Budget for the 2020-21 year has a focus on “people” and economic stimulus in order to assist the economy recover from the Covid-19 pandemic lockdowns.
The budget focused on promoting investment into housing and planning, rebuilding the state and its economy.