BREAKING: STAMP DUTY TO APPLY TO DEVELOPMENT AGREEMENTS IN VICTORIA

By Andrew Henshaw

The Victorian Government handed down their 2019-20 Budget on Monday 27 May. Under the Budget, various changes to certain state taxes were announced (including duty, land tax and payroll tax). Two days later, the Bill (State Taxation Acts Amendment Bill 2019) containing those changes had passed the Legislative Council (lower house of Parliament). Lightning speed compared to Federal income tax!

The Bill includes radical changes regarding how ‘economic entitlements’ concerning land are treated for duty purposes. These changes will dramatically affect parties involved in property development arrangements (agreements where a developer agrees to develop land owned by the landowner, for a fee).

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ANDREW HENSHAW

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Andrew leads Velocity Legal’s Sydney practice.

If you are in a fight with the ATO or looking to restructure your business, you should have Andrew in your corner. Andrew is passionate about getting wins for his clients, solving difficult legal issues, and giving his clients clear and confident guidance. Andrew is a Chartered Tax Advisor, holds a Masters of Law from the University of Melbourne and is the author of ‘Life, Death and Taxes’. Andrew is also a passionate snowboarder and is always up for the next adventure in life.

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Level 49, 360 Elizabeth Street,
Melbourne VIC 3000

Level 10, 580 George Street,
Sydney NSW 2000

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