Legal Insights
Victorian Government - Proposed Imposition of Stamp Duty on Adjustments made for Land Tax and Windfall Gains Tax
The Commissioner of State Revenue has released draft revenue ruling, Draft-DA-70: Land Transfer Duty – Consideration – Assumption of Tax Liabilities (Draft Ruling) seeks to impose land transfer (stamp) duty on adjustments made for certain taxes at settlement of a property transaction, by treating those adjustments as dutiable consideration.
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.