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Windfall Gains Tax

From 1 July 2023, many Victorian landowners whose land value increases due to the government’s decision to rezone will face the prospect of paying a significant and new tax to the State Revenue Office, called the “Windfall Gains Tax”. The Windfall Gains Tax and State Taxation and Other Acts Further

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GST Withholding from 1 July 2018

From 1 July 2018, purchasers of new residential premises or potential residential land will be required to withhold an amount from the price for the supply and pay that amount to ATO on or before settlement. The property transactions impacted are taxable supplies (for example, sales and supplies by way of

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Thinking About Backdating Your Contract of Sale?

Vendors and purchasers who would like to take advantage of the existing off the plan statutory declaration by backdating their contract of sale would need to think again, seriously.  In the case of Balonyi v Commissioner of State Revenue (Review and Regulation) [2015] VCAT 509, the purchaser claimed the off the plan

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Off the Plan Concessions

As you are all aware by now, for real estate Contract of Sale dated after 1 July 2017, the off the plan duties concession will only apply to properties acquired for principal place of residence uses and will also have caps applicable for the dutiable values for eligible transactions.  From

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