The Victorian State Revenue Office (SRO) started issuing land tax assessment notices for 2024 earlier this month for all taxable land held as at midnight on 31 December 2023. With the raft of land tax changes introduced at the end of 2023 and taking effect from 1 January 2024, we are receiving a number of...

In the closing months of 2023, the Victorian Government pushed through amendments to the Sale of Land Act 1962 (the Act), inserting inter alia section 10G into the Act which applies to all contracts of sale with a purchase price of less than $10m. Section 10G(1) of the Act prohibits a vendor (and negates any...

Very often we have clients who want to transfer their real property to their partners, children or siblings. Whilst these transfers may frequently be deemed gifts (i.e. no consideration or money) is being exchanged, these transfers may be dutiable transactions. As a general rule, in a property transfer, stamp duty is payable on: The market...

If you are thinking of transferring property to a family member, you might want to keep the following in mind. The process for transferring property to a family member; Whether transfer duty is payable on the transfer; and whether Capital Gains Tax (CGT) is appliable. The process of transferring property to family members. There are...