Change of Heart by State Revenue Office

Duty surcharges for foreign purchasers  What are the rules? The Duties Act 1958 (Vic) was changed on 1st July, 2015 in response to the overheated property market and political requirements to dampen the growth of housing prices.  The effect of … Continued

Which states require stamp duty on trust deeds?

Stamp duty is a tax imposed by certain states on documents or transactions that affect or record: the transfer of the ownership of assets (eg land, cars), or the creation of rights in respect of assets (eg certain leases and … Continued

Included/Excluded Trust Deals

The exclusion of foreign beneficiaries from trusts   What is “residential property”? The definition of “residential property” varies between the states but, broadly, it includes:- residential apartments and houses, and property capable of being used for residential purposes.   How … Continued

Large Proprietary Companies – Redefined

A large proprietary company is under a statutory obligation to lodge its audited accounts with ASIC annually.  As from 1st July, 2019, the thresholds which determine whether a proprietary company is classed as small or large have moved upwards. In … Continued

New Labour Hire Regulations

Significant legal changes have taken place – will you be affected? We have heard a lot in recent years about the underpayment and unacceptable conditions forced on vulnerable workers by unscrupulous employers.  As from 1st November 2019, new laws are … Continued

Men’s Sheds to be deductible gift recipients

Men’s Sheds and Women’s Sheds will be able to seek endorsement as a deductible gift recipient as from 1st July, 2020. The purpose of Men’s Sheds and Women’s Sheds are to provide men and women with something useful to do … Continued

Duty Savings for Farmers

There are exemptions and concessions for the amount of duty payable on the sale or purchase of farm properties in Victoria.  Read on if you have clients who are farmers ….. Family Farm structures A Family Farm Company or a … Continued

The Vesting of Trusts

Once upon a time… In medieval England, there was no income tax, no capital gains tax, no complex tax code and regulations, and trusts could continue to operate indefinitely.  However, this enabled wealthy families to hold property in their trusts indefinitely, or … Continued

New fees for the 2016-17 financial year

ASIC and Consumer Affairs Victoria have announced their annual fee adjustments, effective 1 July 2016. The change most likely to affect you is ASIC’s fee for registering a proprietary company, which has increased from $463 to $469. You will be be … Continued