By Andrew Spalding, Partner and Marina Raulings, Partner
The Victorian State Budget was handed down on 27 May 2019 and unsurprisingly contained measures aimed at foreign investors and certain land tax loopholes to raise further revenue in light of the reduced stamp duty collections from a softening property market.
However, surprisingly,the State Taxation Acts Amendment Bill 2019 released the following day goes much further and includes measures that significantly extend the application of stamp duty to property developers and other parties who undertake transactions in which they share economically in the benefits of property owned by someone else (known as “economic entitlement provisions”).
Tax Partners Andrew Spalding and Marina Raulings delve into the anticipated changes, and provide some expert insight into what these changes mean for you.
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