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 [...]
1. WHAT IS ‘FINANCIAL ASSISTANCE’? The term ‘financial assistance’ refers to a situation where a company (Target Company) financially assists a person (purchaser) for, or in connection with the process of, acquiring shares in the Target Company. The Target Company can be either a public company or proprietary company. Although [...]
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 [...]
Earn-out clauses are progressively becoming a common feature of sale of business or company sale transactions. Earn-out clauses can be attractive to both the buyer and seller as they breach the gap in the sale price between the parties. However, there are various risks associated with earn-out clauses which may [...]
