Retirement & Aged Care, Property Law Emma Buchanan Retirement & Aged Care, Property Law Emma Buchanan

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.

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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.

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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).

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