As you may be aware, there is a Bill (State Taxation and Other Acts Amendment Bill 2016) before the Victorian Parliament that will upon becoming law, have the effect of increasing the stamp duty surcharge on the acquisition by foreign purchasers of residential property in Victoria to 7%.
Included in “residential property” are hotels and other forms of short term accommodation.
In a Second Reading speech on 9 June 2016 in the Victorian Parliament, the Parliamentary Secretary for Treasury and Finance, Daniel Mulino announced that the definition of “residential property” will not include ‘commercial residential premises’ as defined in the GST Act.
Accordingly, we are pleased to advise you that based on the Minister’s speech, hotels, motels, serviced apartments and student accommodation will not be captured by the stamp duty surcharge.
Rigby Cooke’s multidisciplinary hotel team, grounded by strong expertise in corporate and commercial property law, has a long history of representing national and international clients within the hotel industry in all aspects of the acquisition, disposal and management of hotels.
| Disclaimer: This publication contains comments of a general nature only and is provided as an information service. It is not intended to be relied upon as, nor is it a substitute for specific professional advice. No responsibility can be accepted by Rigby Cooke Lawyers or the authors for loss occasioned to any person doing anything as a result of any material in this publication.
Liability limited by a scheme approved under Professional Standards Legislation. ©2016 Rigby Cooke Lawyers |