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Spike in duty claims from conveyancing transactions

There has been a spike in duty claims in the last 12 months. Practitioners handling conveyancing matters should review their knowledge and precedents about duty immediately to ensure they reflect the current law.

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Webinar providing practical guidance to help identify and manage commonly overlooked stamp duty and land tax issues that arise on business and property transactions. Also covers: Victoria's 'foreign purchaser additional' duty, particularly in the context of discretionary trustthe 'absentee owner' land tax surchargedouble duty risks on nominations / sub-salesnon-Victorian stamp duty that can arise in respect of business acquisitions. Presented by: James Hamblin, Special Counsel and Melinda Waduge, Senior Associate, Minter Ellison.
There has been a spike in duty claims in the last 12 months. Practitioners handling conveyancing matters should review their knowledge and precedents about duty immediately to ensure they reflect the current law.
From 1 March 2020, the Victorian State Revenue Office (SRO) changed its approach to FPAD in the context of acquisitions of residential property made by 'family' discretionary trusts. The change of approach has meant there has been, and will be, an increase in discretionary trusts found by the SRO to be foreign trusts liable to pay FPAD when acquiring residential property. Practitioners practicing in conveyancing matters need to be aware of the way the FPAD regime works for discretionary trusts so that clients can be advised of its application.

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