On 20 October 2016 we advised that the Victorian Government had introduced amendments to the Victorian Parliament that would fundamentally alter the operation of the Growth Areas Infrastructure Contribution (GAIC) regime (click here to read the article).
Readers will recall that the Amendment removes GAIC exemptions for land that is subdivided for a public purpose and for land that is compulsorily acquired.
On 10 October 2016 the State Taxation Acts Further Amendment Bill 2016 (Amendment) was passed by the Victorian Parliament. The commencement day for the GAIC provisions is 16 November 2016.
The amendments do not affect Plans of Subdivision that are:
- Lodged for certification before 12 October 2016; or
- Lodged between 12 October 2016 and 16 November 2016, and the Statement of Compliance was issued within that timeframe.
We recommend that developers who may retain the benefit of these transitional provisions contact us to discuss the public purpose subdivision exemptions contained in the previous GAIC regime. For others it will be necessary to reformulate subdivision strategies in the wake of the Amendment.
HWL Ebsworth Lawyers has advised extensively on GAIC issues. The GAIC legislation is complex. To discuss the ramifications of the Amendment and to revise or develop your GAIC strategy please contact us.
This article was written by Mark Bartley, Partner, James Lofting, Special Counsel and Alex Gelber, Solicitor.