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Earlier this month the State Revenue Office of Victoria commenced issuing land tax assessment notices for the 2024 land tax year.
In Vander stock v Victoria [2023] HCA 30, the Australian High Court handed down its decision and declared the Victorian Zero & Low Electric Vehicle road user charge to be constitutionally invalid.
A new financial year brings a new property tax in Victoria. The Windfall Gains Tax (WGT) came into effect on 1 July 2023, with significant implications for the Victorian real estate and construction sector. Here, we discuss the details to be mindful of when considering the WGT.
It has been a busy month for State Taxes around the country. This month we saw the validity of foreign surcharges in question, proposed changes to NSW stamp duty in the lead up to the State election, Victoria’s recent inquiry into stamp duty and windfall gains tax changes.
In this podcast, Kristina Popova, State Taxes Partner discusses some of the significant stamp duty and state tax changes we’ve seen this year across the country and what we may see in the New Year.
From 19 May 2022, substantial amendments were made to the Duties Act 1997 (NSW) (Duties Act), including the introduction of a new category of dutiable transaction which imposes duty on a change in beneficial ownership of dutiable property.
Yesterday the Australian Capital Territory’s (ACT) Chief Minister Andrew Barr handed down the ACT budget.
The New South Wales State Government has been busy with tax reform this year – from the raft of state taxation amendments commencing in May, to the first steps to abolish stamp duty introduced as part of their state budget last week.
On Tuesday 10 May 2022 the Northern Territory Chief Minister Michael Gunner handed down his final budget. The 2022-23 Northern Territory budget outlined a $1.1b deficit and net debt of $8.7b, which is an improvement in the forecasting contained within the 2021 Budget which forecasted a 2022/23 deficit of $1.2b and net debt of $10.1b.
A foreign real estate buyer has been penalised $250,000 by the ATO after purchasing Australian residential properties without being authorised by the Foreign Investment Review Board (FIRB). It was found that in addition to owning two established properties that were also in breach, the investor had purchased a further four unauthorised properties.
WGT aims to ensure significant land value increases from government rezoning decisions are “shared with the Victorian community” for critical infrastructures, such as public transportation and schools.
Yesterday, the Western Australian Premier and Treasurer, The Hon. Mark McGowan, delivered his fifth state budget – first as Treasurer – spending big on infrastructure, health, education, and police.
