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By Jinny Chaimungkalanont and Mark Peters The new “change in beneficial ownership” provisions (covered in our note here) have been in force in NSW since 19 May 2022 (State Revenue and Fines Legislation Amendment (Miscellaneous) Act 2022 (NSW)[1]). Almost six months on, Revenue NSW has released Commissioner’s Practice Notes (CPN) on the provisions generally and … Read more
By Mark Peters. 2022-23 Budget Update: Key changes to Australian state taxes Significant stamp duty and land tax changes have been proposed in a number of Australian states and territories, with ramifications for property acquisition and development, mergers and acquisitions, foreign investment and trustees. 21 June 2022 brought us the last of the budget announcements … Read more
By Mark Peters. Resettlement risk continues to be one of the most significant risks that trustees and beneficiaries need to manage in the administration of trusts of any kind. The duty and tax consequences of an inadvertent resettlement of some or all of the trust property on new trusts are manifold, including: Read more
By Mark Peters. New stamp duty will be imposed on a change in beneficial ownership or a trust acknowledgement, plus a welcome change to refund foreign purchaser duty for non-residential land. Read more
By Mark Peters New stamp duty will be imposed on a change in beneficial ownership or a trust acknowledgement, plus a welcome change to refund foreign purchaser duty for non-residential land. Read more
The Victorian Government has continued with its intention to introduce a new windfall gains tax (WGT) in respect of gains made by landowners arising from increases in land value following rezoning of land. Following consultation with stakeholders, further details about the value mechanism and rezoning and transaction exemptions have been announced. Read more
As part of the Victorian Budget 2021/22, the Victorian Government announced a new windfall gains tax as a ‘value capture mechanism’ in respect of gains made by landowners arising from increases in land value following rezoning of the land. Few details have been announced to date and legislation has not been introduced to parliament. Read more
On 3 August 2021, the Victorian Government introduced into Parliament the Commercial Tenancy Relief Scheme Bill 2021 (Vic). The Bill reintroduces the Commercial Tenancy Relief Scheme (Scheme), which had previously expired on 28 March 2021. Read more
‘Build-to-Rent’ (BTR) is an alternative residential tenancy model, where units in a complex are purpose built for long-term leases, held cumulatively and continuously by one owner and managed by a single manager. This post provides a brief overview as well as highlighting the emergence of BTR developments in Australia. Read more
