Upcoming changes to the Retirement Villages Act 1986 (Vic)
A review has been conducted of the Retirement Villages Act 1986 (Vic) (Retirement Villages Act) based on community feedback that the current legislation does not provide adequate protection for retirement village residents. The new laws offer greater safeguards and regulation of many aspects of retirement villages and residence contracts for retirement villages. The changes are extensive, however we have detailed below some of the significant changes.
New Land Tax Exemption for Social and Emergency Housing
The Victorian State Budget for 2024/2025 has revealed a new tax measure for land utilised in social and emergency housing. This new land tax exemption aims to clarify existing arrangements, ensuring landowners involved in such housing initiatives are not burdened by excessive land tax obligations.
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).
To Caveat Or Not To Caveat – That Is The New Question
A caveat is an application that any person with a legal interest in a property can lodge with Land Use Victoria. In family law, caveats have therefore historically been used by a party to a separation who has an interest in a real property, but to which they are not on title.