ARTICLE · 14 SEPTEMBER 2011

Victorian landholder duty – Consultation Paper released

Norton Rose Fulbright Australia

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Consultation Paper on landholder duty released by Victorian Government.

AustraliaTax

Andrew Spalding

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On 8 September 2011, the Victorian State Revenue Office released a Consultation Paper on the Victorian Government's preferred design of the new landholder duty model.

The Government previously announced in the 2011-2012 Budget that the current land rich duty regime would be replaced by a landholder duty model with effect from 1 July 2012 (see our May legal update: ' Changes to Victorian land rich duty announced in State Budget').

Proposed 'landholder' model

The Consultation Paper outlines the following key design features of the proposed landholder model:

Landholder duty will apply where there is a 'relevant acquisition' in a 'landholder'.
A relevant entity will be a 'landholder' where it has landholdings in Victoria with an unencumbered value of AUD$1 million or more (this compares unfavourably to the AUD$2 million threshold adopted by some other States). The 60 per cent land rich ratio threshold that exists under the current land rich provisions will

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