Sector: Property Development

Case note: J.G. King Project Management Pty Ltd v Hunters Green Retirement Living Pty Ltd [2024] VSCA 310

From 1 January 2025, the scope of the Vacant Residential Land Tax (VRLT) is significantly broadening and will impact numerous property owners.

The VRLT is wholly separate from the standard land tax and will lead to many properties being hit with both forms of taxes on an annual basis if the risk of exposure is not managed. While both taxes are contained in the Land Tax Act 2005 (Vic), the regime for the VRLT is separate from the land tax regime and any exemptions will need to be carefully considered and managed.

Legislation introducing a temporary concession from transfer duty for newly constructed dwellings in strata subdivisions has passed the Victorian Legislative Council and is currently awaiting Royal Assent.

The Duties Amendment (More Homes) Bill 2024 (the Bill) introduces a new off-the-plan concession for certain purchases where a contract to acquire property is entered into within a 12-month period commencing on 21 October 2024.

The windfall gains tax (WGT) is a new tax that is imposed on the increase in value of property in Victoria as a result of a rezoning of that land.

On 12 December 2023, the State Taxation Acts and Other Acts Amendment Act 2023 (the Act) received Royal Assent.

In our latest Property Tax alert, we look at the major changes introduced by the Act to Victorian property taxes, including prohibiting the apportionment of land tax and windfall gains tax in contracts for the sale of real estate.

The impacts of COVID-19 mean that key aspects of a construction project may need to be reconsidered. The correct approach will depend on a range of factors, including the stage at which your project is impacted.

The current COVID-19 situation brings uncertain and unsettling times.

Rigby Cooke has received several enquiries from landlords and tenants alike regarding their rights and obligations under their lease.

Although short-stay accommodation is not a new concept, the introduction of AirBnB (also known as ‘AirBed and Breakfast’) and similar short term letting agencies created a worldwide phenomenon resulting in an upsurge in short-stay rentals.

Property developers who enter into agreements to develop Victorian land with an unencumbered value of over $1 million are at significant risk of incurring a duty liability, under new legislation that received Royal Assent on 18 June 2019.

Rigby Cooke Lawyer, led by property partner Darren Marx, recently acted for Stronghold Investment Management on its acquisition of the Cardinia Club from Pakenham Racing Club for $16m. The well established entertainment venue has 105 Electronic Gaming Machines, a large bistro, upmarket sports bar and multiple function rooms. Brisbane based Stronghold is a specialist Business Park and Hospitality sector Fund Manager.

New laws have been passed affecting the GST obligations of property developers. These laws take effect from 1 July 2018, but may affect contracts entered into prior to this date.