Legal Insights
LAND PURCHASERS TO BENEFIT FROM LAND TAX AND WINDFALL GAINS TAX EXCLUSIONS ON SALE
Legislation in Victoria has now passed the Legislative Assembly to prohibit a vendor from passing on an existing land tax or windfall gains tax liability to a purchaser on sale of land. Subject to the legislation passing unamended in the Legislative Council and receiving Royal Assent, the changes will take effect 1 January 2024.
BIG4 Beacon Resort
Harwood Andrews is pleased to have advised the owners of the BIG4 Beacon Resort on the off-market sale of the business to Ingenia Communities group (ASX: INA) for $37m.
New COVID-19 Commercial Tenancy Relief Scheme
The Commercial Tenancy Relief Scheme Regulations 2021 (Regulations) were introduced by the Victorian Government on 24 August 2021 aimed at providing further rent relief for Commercial Tenants as a result of the ongoing COVID-19 pandemic. A copy of the Regulations can be found HERE.