Transfers to trustees or custodians of superannuation funds or trusts
A transfer of dutiable property made without monetary consideration to a trustee or custodian of a complying superannuation fund where there is no change in the beneficial ownership of the property.
Victorian Government Introduces New 7.5% Short Stay Levy Bill
The Victorian Government introduces new bill imposing a levy or tax of 7.5% on short-term accommodations
Oliver Hume Decision: Victorian Landholders Duty Applies on Capital Raising based on “substantially one arrangement”
The Victorian Court of Appeal’s recent decision in Oliver Hume Property Funds (Broad Gully Rd) Diamond Creek Pty Ltd v Commissioner of State Revenue [2024] VSCA 175 has settled that, in Victoria, aggregation applies to the acquisition of shares or units by investors, even in circumstances where the investors are unrelated under the one syndication or capital raising process.
Property Transfer – What to do if your property is transferred into the wrong name
Property was mistakenly transferred to an unrelated company. Error was found 10 years later, real owners sought exemption to land transfer (stamp) duty. Costs for the responsible law firm pursued, emphasising the importance of due diligence in property transactions.
Changes to Holiday Home exemption for Vacant Residential Land Tax
On 4 June 2024, the State Taxation Amendment Act 2024 (Act) received Royal Assent. The Act, amongst other significant taxation changes, amends the holiday home exemption by introducing new provisions to section 88A of the Land Tax Act 2005 (LTA).