The National Rental Affordability Scheme (NRAS) in Victoria is ending with the final properties exiting the scheme by 2026. Investors at this time will be faced with the decision as to whether they wish to transition their properties to the open market, sell or retain them for affordable housing. The Victorian Government has said that its aim is to keep the properties within the affordability housing sector but encouraging collaboration with the Community Housing Providers (CHP).

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. 

The Victorian Government introduces new bill imposing a levy or tax of 7.5% on short-term accommodations

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 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.

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).