2017/2018 State and Federal Budgets: New and Revised Taxation Measures

1. Proposed Vacant Residential Land Tax (VRLT) The Victorian Government recently announced a proposal for vacant residential land tax. These changes are contained within Part 4 of the State Taxation Acts Amendment Bill 2017 (Vic) (‘the Bill’) and will alter the Land Tax Act 2005 (Vic). The Bill is expected to be passed in June […]

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Upcoming changes to the Estate Agents Act (Vic) set to tackle underquoting in Victoria

1. Background On May 1 2017, the Estate Agents Amendment (Underquoting) Act 2016 (Vic) will take effect in Victoria. In a targeted effort to crackdown on the practice of underquoting, the new legislation imposes additional obligations on estate agents and their representatives selling residential properties. With the inclusion of new offences and the threat of […]

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Lenders can be liable for FHOG refunds

Recent amendments to the First Home Owner Grant Act 2000 (Vic) (FHOG Act) will enable the State Revenue Office (SRO) to recover first home owner grant  (FHOG) payments from third parties such as lenders.  This means that where homeowners have received a grant payment that they were ineligible for, or that they have subsequently become […]

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