this product is unavailable for purchase using a firm account, please log in with a personal account to make this purchase.

Select from any of the filters or enter a search term
Calendar
Calendar

New Treasurer Guidelines for Absentee Owner Land Tax Surcharge and Foreign Purchaser Additional Duty Exemptions

New Treasurer Guidelines for Absentee Owner Land Tax Surcharge and Foreign Purchaser Additional Duty Exemptions

By Commercial Law Section commercialLawSection@liv.asn.au

Conveyancing Duties Real Property Taxation 


The Treasurer has issued new guidelines pursuant to s 3BB(2) of the Land Tax Act 2005 (‘Land Tax Act’) and s 3E of the Duties Act 2000 (‘Duties Act’). Absentee owner land tax surcharge Guidelines made under s 3BB(2) of the Land Tax Act concerns the exercise of the Treasurer’s (or his delegate’s, or their sub-delegate’s) powers to: exempt an absentee person, who holds an absentee controlling interest in a corporation, from being taken to hold that controlling interest (s 3B); or exempt an absentee beneficiary in relation to an absentee trust from being taken to be an absentee beneficiary of that trust (s 3BA). Subject to the exercise of above exemption powers, land that is owned by an absentee person will incur the absentee owner land tax surcharge. Foreign purchaser additional duty Guidelines made under s 3E of the Duties Act concerns the exercise of the Treasurer’s (or his delegate’s, or their sub-delegate’s) powers to exempt a person who has a controlling interest in a foreign corporation, or a substantial interest in the capital of a trust estate of a foreign trust, from being taken to hold that interest.

The content you are trying to access is exclusive to LIV members*

To access your exclusive member content please click the 'Already a Member' button below and you will be redirected automatically.

Not a member but would like to find out about the value of LIV membership? Click the 'Become a Member' button below or call our membership team on (03) 9607 9470.

*Note that some content may be exclusive to specific types of members. If you would like to inquire about your access please contact the membership team on (03) 9607 9470.