Legal Insights
Changes to Holiday Home exemption for Vacant Residential Land Tax
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).
Merristock v Commissioner of State Revenue: Primary Production Land Tax Exemption and Discretionary Trusts
Taxpayer successfully appeals against Victorian State Revenue Office (SRO) decision that land owned by them was not eligible for the primary production land tax exemption.
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.
Improperly Drafted Exclusionary Clause Triggers Foreign Land Tax Surcharge For Discretionary Trust
This ruling from the New South Wales Civil and Administrative Tribunal (the Tribunal) serves as an important reminder for ensuring that discretionary trust deeds are appropriately amended to prevent the activation of "foreign" land transfer (stamp) duty and land tax surcharges