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Changes to state taxes – December 2017

Changes to state taxes – December 2017

By Commercial Law Section

Conveyancing Duties Real Property Taxation 

The State Taxation Acts Further Amendment Act 2017, which received Royal Assent on 19 December 2017, introduces changes to various Acts including the Congestion Levy Act 2005, Duties Act 2000, Fire Services Property Levy Act 2012, Land Tax Act 2005, Payroll Tax Act 2007, Taxation Administration Act 1997, Unclaimed Money Act 2008, Valuation of Land Act 1960 and Victorian Civil and Administrative Tribunal Act 1998. Changes made under the Amendment Act Please note that the below summary does not represent an exhaustive list of amendments under the Act. The Duties Act has been amended to: confirm the legislative basis for charging foreign purchaser additional duty on dutiable transactions under which a land-related interest in residential property is transferred to a foreign purchaser and the transfer is otherwise chargeable with duty; and clarify the application of the first home buyer duty concession calculation formula to reflect the concessional amount of duty payable.

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