ARTICLE · 06 MAY 2012

New Victorian Landholder Duty Regime from 1 July 2012

Pitcher Partners

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This article covers the main design features of the landholder regime and changes from the existing land rich regime.

AustraliaTax

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The Victorian Government announced in the 2011-2012 State Budget that Victoria would move from its current land rich duty regime to a new landholder duty regime on 1 July 2012. The Government has now released exposure draft legislation for the new regime.

The new landholder duty regime has been designed to capture a broad range of transactions that involve acquisitions of both legal and economic interests in land holding entities. We expect a significant increase in the number of transactions that are subject to duty from 1 July onwards.

The main design features of the new landholder regime, including some important changes from the existing land rich regime, are highlighted below.

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