On the 3rd December 2024, the State Taxation Further Amendment Act 2024 (‘Amending Act’) introduced significant changes to several taxes, foremost of which include the exemptions in the vacant residential land tax (‘VRLT’) (which take effect 1 January 2025) with the addition of companies and trustees to the holiday home [...]
On 19 November 2024, the Duties Amendment (More Homes) Act 2024 (Vic) (' the Act') received Royal Assent. The Act introduces temporary changes to the off-the-plan land transfer duty concession, providing more buyers with the opportunity to access greater stamp duty savings. The Expanded Concession The previous off-the-plan duty concession allowed [...]
With insolvencies surging by 43% in the quarter ending 29 September 2024, many small and medium businesses — and their owners — are feeling the financial strain. For directors and their families, the impact can be especially severe if personal guarantees are enforced and the family home is used as [...]
Disputes commonly arise between landlords and tenants in relation to obligations imposed on the tenant to repaint and recarpet the premises. A recent decision from the Victorian Civil and Administrative Tribunal (VCAT) sheds light on this issue, clarifying the relationship between lease obligations and the landlord's duty to maintain [...]
Owners of vacant properties outside of inner/middle Melbourne ought to know of an expansion to the Vacant Residential Land Tax (“VRLT”) starting from 1 January 2025. Starting next year, properties which are left unoccupied for more than 6 months for the preceding year in which the VRLT applies to, must [...]
Earlier in March 2024, the Victorian Government introduced the Commercial and Industrial Property Tax Reform Bill 2024 (‘Bill’). The Bill reformed the Victoria’s land transfer duty regime in respect of commercial and industrial properties, with stamp duty largely replaced by the new Commercial and Industrial Property Tax (‘CIPT’). The Bill [...]
In the case of delayed property settlements that are on capital account and subject to Capital Gains Tax, these taxpayers should be aware of taxation consequences for delayed settlements as well as how these issues may be circumvented. The payment of CGT tax may arise well before the receipt of sale [...]
Who should read this article? Commercial landlords and tenants. The article will also be relevant to commercial property managers who are often the first port-of-call when these issues arise. In a nutshell: what do you need to know? Victoria’s highest Court has found that a landlord’s failure to investigate [...]
On Tuesday 23 May 2023 the Victorian Treasurer, Tim Pallas, delivered the 2023-24 State Budget announcing a landmark reform to abolish stamp duty for commercial and industrial properties and introduce a new annual property tax. These changes are expected to take effect from 1 July 2024. Stamp duty to be [...]
VCAT’s recent decision in Q St Kilda Tenancy Pty Ltd v Kane (Building and Property) [2023] 75 provides helpful guidance for retail landlords and tenants concerning rent reviews and the operation of section 35(2) of the Retail Leases Act 2003 (Vic) (RLA). This case concerned the lease of a serviced [...]
