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January 3rd, 2020

The changes and the effects of the 2019-2020 Victorian State Budget on the Victorian Property Industry

The 2019 Victorian State Budget announced an increase in the total tax to be collected in relation to property transactions within the State. The changes are as follows; 1. Changes to the "economic entitlement" provisions of the Duties Act 2000 (Vic). The economic entitlement provision initially only appied to arrangements where a private landholder most commonly a private company or trust entered into a property transaction whereby the private entity was entitled to an interest of 50% or more in the land. Furthermore, prior to the recent amendments the arrangement needed to involve all the land owners landholdings. However, this will not be the case going forward, as the Victorian government plans to charge private landhollders irrespective of the nature of the entity and whether the entire landowners land holdings were being transacted, transfer duty on all transactions where the land is valued at over $1,000,000. According, to recent publications...

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