NSW Stamp Duty Alert: Acknowledgment of Trust

10 January, 2023
By Jinny Chaimungkalanont and Mark Peters Revenue NSW has now published its long-awaited Revenue Ruling on declarations and acknowledgments of trust in light of the 19 May 2022 stamp duty reforms (see our notes on those reforms here). Although housed in the longstanding Revenue Ruling DUT031 Declaration of trust in an agreement for sale, that … Read more

NSW Stamp Duty Reforms: Change of Beneficial Ownership – where have we landed? Significant changes to leases and option transactions

15 November, 2022
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

2022-23 Budget Update: Key changes to Australian states taxes

21 June, 2022
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

Trust Resettlement Series: Amending the trust deed

02 June, 2022
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

Windfall Gains Tax on its way to Victoria

26 October, 2021
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

Victoria’s Proposed Windfall Gains Tax

14 September, 2021
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

Victoria’s New Commercial Tenancy Relief Scheme

12 September, 2021
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