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Author Archive | Nick Walker

Property tax.investment planning.business real estate.economy crisis.expenses of worker.financial management

Another Victorian property tax set to increase substantially for homes, farmers and businesses

On 13 December 2024, the Victorian Government announced a substantial increase (between 100% to 190%, depending in the type of land involved) and other changes to the Fire Services Property Levy (FSPL). All property owners in Victoria are required to pay this levy apart from certain exemptions and concessions. Rename the levy The current FSPL [read more]

Congestion levy on parking spaces image

An update on the congestion levy on parking spaces (Melbourne) – Part 2

The Victorian Government announced changes to the congestion levy as part of its 2024/25 Budget Update on 13 December 2024. This levy affects off-street car parking spaces in Melbourne’s central business district (CBD) and surrounding inner suburbs. This article follows on from the recent DBA article Congestion levy on parking spaces (Melbourne) and discusses some [read more]

Signing a contract.

Executing deeds: Ensuring validity across all Australian jurisdictions

Historically, deeds were required to be written on paper (or parchment or vellum), as well as being signed, sealed and delivered. Recently, however, there have been numerous legislative developments that allow for deeds to be executed electronically, subject to certain requirements. These requirements differ depending on the Australian state/territory’s laws the deed is subject to. [read more]

Consent document signing.

Corporations law consent requirements should not be overlooked when registering a new company

The Corporations Act 2001 (Cth) (CA) contains a number of important requirements in relation to registering new companies with the Australian Securities and Investments Commission (ASIC). These requirements mandate, among other things, that certain written consents and agreements must be in place for all proposed directors, secretaries and shareholders of a new company prior to [read more]

real estate investment concept, buy house, location, energy efficiency rating and property value, Real estate online on virtual screens. home search, land price, property tax, real estate market

VRLT — holiday home exemption extended to discretionary trusts and certain other structures

The holiday home exemption (HH Exemption) from the vacant residential land tax (VRLT) in Victoria has been extended to holiday homes owned by companies, unit trusts, fixed trusts and discretionary trusts (DT) provided certain criteria is met. This extension was in the State Taxation Amendment Act 2024 (Vic) (STA Act) that was finalised as law [read more]

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The new commercial and industrial property tax that starts in Victoria on 1 July 2024

Overview The Victorian Government has introduced a new tax regime on commercial and industrial property (CIP) in Victoria that starts on 1 July 2024. Broadly, the new tax relies on phasing out transfer duty over a 10-year period and replacing the upfront duty on subsequent transfers with an annual commercial and industrial property tax (CIPT). [read more]