Australia: Duty, land tax treatment of corporate collective investment vehicles (New South Wales); off-the-plan stamp duty concession (Victoria)

Recent tax developments from New South Wales (NSW) and Victoria include:

• New South Wales: The government on October 16, 2024, introduced the Revenue Legislation Further Amendment Bill 2024 into NSW Parliament. The bill introduces key amendments to the Duties Act 1997 (Duties Act) and the Land Tax Management Act 1956 (Land Tax Act) to incorporate and address the duty and land tax treatment applicable to corporate collective investment vehicles (CCIVs). The bill is expected to pass later this year.
• Victoria: The government announced a new temporary off-the-plan land transfer stamp duty concession that applies from October 21, 2024, for 12 months. Currently the state’s off-the-plan stamp duty concession is only available for first home buyers and owner-occupiers buying off-the-plan for properties under the thresholds of $750,000* and $550,000, respectively. The new temporary concession introduces changes that: (1) enable anyone buying an apartment, unit or townhouse off-the-plan to claim the concession (not just first home buyers and owner-occupiers) and (2) remove thresholds so the concession is available for apartments, units, and townhouses of any value.

*$=Australian dollar