Real Estate and Projects (19)

The Victorian Treasurer has announced a number of significant changes to stamp duty, land tax, payroll tax and the First Home Owner Grant (FHOG) in the State Budget for 2017/18. A summary of the key changes most relevant to our property clients are outlined below.

You may have seen recent industry reports about the excessive time taken by Land Registry to register plans of subdivision in recent times (often in excess of 4 weeks).

A number of new measures were proposed by the Victorian State Government over the weekend relating to stamp duty and property taxes.

Whilst this is also subject to the passing of the State Taxation Acts Amendment Bill 2017, a brief summary is set out below:

On Tuesday, 1 November 2016 we wrote to you in relation to the Australian Taxation Office's position on whether sales of residential dwellings off the plan to foreign buyers when the previous sale of dwellings had failed to settle, would constitute the sale of a "new dwelling" permitted under Australia's foreign investment rules.

The Retail Shop Leases Amendment Act 2016 received royal assent in May 2015 and is expected to commence in late November 2016.

The Australian Tax Office (ATO) has recently changed its position on rules regarding resales of property to foreign buyers.

From Monday 4 July 2016 the Real Property Act 1886 will be amended to implement changes to align the process for registration of instruments with the requirements of electronic conveyancing.

A recent decision in the Supreme Court of Victoria has made it clear that real estate agents do not have authority to receive notices of termination when purchasers seek to exercise their cooling off rights, unless otherwise authorised to receive such notices.

We confirm that the FIRB changes have now passed Parliament and received royal assent.

Earlier this year, the government announced changes to the way foreign investment was to be administered in Australia.

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