Windfall Gains Tax on its way to Victoria

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

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

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

Review of Embedded Networks in Victoria

The Victorian Government (Government) is progressing on its 2018 election commitment to ban embedded networks in new residential apartment buildings, by releasing an Issues Paper to commence formal stakeholder consultation into this issue. What is an embedded network? Embedded networks are private electricity networks, where electricity is supplied to an area or building through a … Read more

Victoria – Big Housing Build

The Victorian Government has announced as part of the Victorian budget for 2020/21, the Big Housing Build, the largest ever investment in public and community housing in Victoria. The Big Housing Build will involve a $5.3b investment in social housing, creating: 9,300 new social housing dwellings; and 2,900 new affordable and market homes for first … Read more

Changes to FIRB guidelines in relation to lease renewals

On 29 March 2020 monetary thresholds for acquisitions of leases of land of more than 5 years (including options to renew) by foreign persons were reduced to zero.  This meant that a large volume of leasing transactions which previously did not require approval fell into the Foreign Investment Review Board (FIRB) net.  On 3 September 2020, the FIRB amended these temporary measures to allow renewals and material variations of leases to proceed without approval in some circumstances. The new measures took effect on 4 September 2020. Read more