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ARTICLE · 01 JULY 2012

State Taxation Acts Amendment Bill 2012 (Vic)

Madgwicks
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The primary purpose of the bill is to provide, extend and clarify tax concessions and exemptions in 3 State tax Acts.

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Peter Crawford
Peter Crawford

Purpose?

The Bill amends the Duties Act 2000 (Vic) and does the following:

  1. replaces the Commissioner's discretion not to aggregate dutiable transactions with a specific exception to the aggregation of dutiable property where vacant land is bought by registered builders of homes where the homes are completed before on-sale
  2. makes provision for certain parallel arrangements (including parallel home building contracts) effectively imposing double duty on those arrangements
  3. removes the exemption from duty for a grant of any Crown lands by the Crown in right of Victoria.

When will it come into operation?

The amendments will come into operation the day after the Bill receives Royal Assent except for the amendments concerning Motor Vehicle Duty at Division 3 of Part 2 and Consequential Provisions/Penalties at Part 3, which will commence on 1 July 2012.

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