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ARTICLE · 22 JUNE 2012

Duties Act amendments to have widespread implications for home builders in Victoria

The impact of amendments to the Duties Act 2000 (Victoria). .

AustraliaReal Estate and Construction

As a result of amendments to the Duties Act 2000 (Vic) just passed by the Victorian Parliament, residential home builders need to reconsider the way in which they procure residential land for their customers, or else risk new liability for duty.

The State Taxation Acts Amendment Bill 2012 has now passed through both houses of Parliament and is awaiting Royal Assent. One day after receipt of that Royal Assent, the amendments proposed by the Bill will become law and have two main implications for builders of residential homes in Victoria. Specifically, home builders will:

  1. automatically be exempted from the aggregation provisions in the Duties Act 2000 (Vic) in certain circumstances where they purchase vacant land; and

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