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Big changes are coming to Victoria’s domestic building industry. The state government is laying the groundwork for a stronger, more efficient regulator that prioritises homeowners, streamlines processes and ensures better oversight.

On 3 December 2024 the State Revenue Office announced a number of changes to Victoria’s taxation laws to come into effect from now until 1 July 2025. This article provides a summary of those amendments relating to land tax and stamp duty.

Outgoings in a commercial lease are payable by the tenant. However, a landlord cannot pass on all expenses to a tenant.

A tenant may wish to assign their lease in certain circumstances, for example if they sell their business, or if the premises’ is no longer suitable.

There are a few avenues to terminate a commercial lease early, most of which will depend on the terms of your lease agreement.

Make good clauses dictate how the tenant should vacate the property once the lease comes to an end, imposing a legal obligation to restore the premises to its original condition before the commencement of the lease.

The first step to securing a non-retail commercial lease is often execution of a ‘Heads of Agreement’. This is a document signed by both tenant and landlord in anticipation of executing a formal lease, used during the negotiation stage of leasing wherein both parties recognised the key terms of the lease (such as the lease term, financial provisions and details of the premises).

The classification of a lease is an important exercise for both landlord and tenant alike. If the lease is classified as ‘retail’, a tenant is afforded more protection under the Retail Leases Act 2003, which are normally unavailable to commercial lease tenants.

If you decide to purchase a flat, apartment or unit, you most likely will become a member of an ‘owners corporation’. This is because these properties generally share access to common property or utilities/services.

Most deposits paid towards the purchase of a property, are usually held by a legal practitioner (or conveyancer), or real estate agent, in trust as a stakeholder. Often the vendor requires access to the deposit before settlement to, for example, put a deposit on another property.

You have decided to purchase a property with a spouse, partner, friend, or sibling, or all four of them, what next? One key step is to agree on the ownership arrangement on the title for the property.

I am a first home buyer in Victoria, am I eligible to receive any grants, and concessions or exemptions to the stamp duty payable on the purchase? I need all the help I can get.

We all like watching a live auction (particularly on The Block), but whilst it might appear quite glamours, there are certain things you should be mindful of when purchasing a residential property at auction in Victoria.

An off-the-plan purchase may have its benefits, but equally, there are inherent risks.

Whenever two or more people agree to combine resources in order to purchase a property together, if the Family Law Act (1975) does not apply, a co-owners’ agreement setting out the expectations, rights and obligations of the parties is an almost indispensable first step.

In Hartman v Commissioner of State Revenue [2022] VCAT 28 The Tribunal affirmed the Commissioner’s assessment of “double duty” in circumstances where the named purchaser sought a planning permit to subdivide the property before nominating two companies (as trustees of trusts associated with him) to take one title each at settlement.

In addition to the review of the Contract and Vendor Statement, it is also essential that a purchaser conducts their own due diligence. ‘Due diligence’ refers to the searches, enquiries and inspections that a buyer may undertake when considering whether to purchase a property.

Whether you are a first home buyer or experienced property investor, one of the first steps you should take when purchasing a property is to have the Contract of Sale and Vendor Statement reviewed by a property lawyer.

If you are relying on the proceeds from the sale of your property to purchase another, then you may require a simultaneous settlement. This is a common situation where you arrange for the settlement of your current property and the settlement of your new property to happen at the same time.

The State Taxation Acts and Other Acts Amendment Bill 2023 (“Bill”), introduced into the Parliament of Victoria on 3 October 2023, proposes several amendments to Victoria’s taxation laws.