Property Alert – proposed reforms

The Victorian Treasurer, Tim Pallas MP, recently announced a number of proposed reforms affecting duty and tax relating to property, which will be contained within the 2017/18 Victorian Budget, subject to the passing of the 2017/18 Victorian Budget.

Property transfers between spouses and de facto partners

Property transfers between spouses and de facto partners will no longer be exempt from stamp duty from 1 July 2017.  Exemptions for the principal place of residence and for transfers following a relationship breakdown will remain in place.

This proposed reform has created a level of flux in the property market, given that implementation is to occur within a matter of weeks from the date of announcement and the absence of a transitional regime.

Valuation of properties for land tax

From 2019 property valuations will occur annually, rather than every two years.

If you require advice or further information in relation to any of the matters discussed in this article, please contact our Conveyancing team on 03 5273 5273.