Time limits most commonly missed in relation to land acquisition.
| Action | Time limit | Legislation | Extension availability |
|---|---|---|---|
|
Action
Land acquisition claims |
Time limit
2 years from the date of acquisition |
Legislation
s.37 Land Acquisition and Compensation Act 1986 (Vic) |
Extension availability
Time may be extended by the Minister, the Governor in Council, the Court or Tribunal or by agreement with the relevant authority – s.106 Land Acquisition and Compensation Act 1986 (Vic) |
The Commercial and Industrial Property Tax Reform Bill (the Bill) was introduced into the Victorian Parliament on 20 March 2024. The reforms are expected to pass into law in early May before commencing on 1 July 2024.
LPLC is continuing to see conveyancing claims where practitioners have assisted clients transferring property to a spouse or domestic partner, with an exemption from paying land transfer duty under section 43 of the Duties Act 2000 (Vic) and have failed to provide adequate advice about the criteria for the exemption.
Only give undertakings when you can control and ensure compliance.
The LPLC Professional Indemnity (PI) Insurance portal is open for processing renewals for the 2024–25 year for private law practices.
Our office will be closed from 5pm on Thursday 21 December 2023 and will re-open at 9am on Monday 8 January 2024.
LPLC’s office will relocate to new premises at Level 19, 140 William Street, Melbourne, VIC 3000 from Monday 15 January 2024. Phone and email contact details remain unchanged.
The State Taxation Acts and Other Acts Amendment Act 2023 received Royal Assent on 12 December 2023. The new law introduces significant property tax changes in Victoria with effect from 1 January 2024.
