In Brief

The State Taxation Acts Amendment Bill 2019 (the Bill) received royal assent on Tuesday 18 June 2019 and is now in force.

The Bill significantly changes the economic entitlement provisions in the Duties Act 2000 (Vic) (the Act).

The new economic entitlement regime greatly increases the number of arrangements that  are now subject to duty. In a nutshell, any development agreements that provide for an entitlement to profits from the land, including where “set” development fees are referable to profits derived from, or sales of the land, are now subject to duty.

To read the entire article by James Christodoulakis, Partner, Madgwicks Lawyers, please click here.