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ARTICLE · 01 JULY 2009

Legislation Passed To Impose Duty On Victorian Leases

Norton Rose Fulbright Australia
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On 25 June 2009, the controversial Duties Amendment Bill 2008 was passed by the Upper House of the Victorian Parliament with minimal amendments.

AustraliaReal Estate and Construction
Andrew Spalding
Andrew Spalding
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On 25 June 2009, the controversial Duties Amendment Bill 2008 (Bill) was passed by the Upper House of the Victorian Parliament with minimal amendments. The Bill, now awaiting royal assent, gives effect to the Victorian Government's 2008 media release announcing that it would close a loophole which allowed the use of complex long-term lease arrangements to escape stamp duty liability. The changes, which apply retrospectively from 21 November 2008, are however not limited to long-term leases. Subject to how the changes are administered by the State Revenue Office, products offered by property developers may be affected and a wide range of Victorian tenants may be affected.

What types of long-term leases are affected?

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