Duties Amendment (More Homes) Act 2024 (Vic)

Duties Amendment (More Homes) Act 2024

No. 45 of 2024

TABLE OF PROVISIONS

Section  Page

1Purpose

2Commencement

3New section 21AA of the Duties Act 2000 inserted

4Repeal of this Act

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Endnotes

1      General information

Duties Amendment (More Homes) Act 2024

No. 45 of 2024

[Assented to 19 November 2024]

The Parliament of Victoria enacts:

1Purpose

The purpose of this Act is to amend the Duties Act 2000 to introduce a temporary concession from duty for newly constructed dwellings in strata subdivisions.

2Commencement

This Act comes into operation on the day after the day on which it receives the Royal Assent.

3New section 21AA of the Duties Act 2000 inserted

After section 21 of the Duties Act 2000 insert—

"21AA   Consideration for the transfer of dutiable property—adjustment for construction costs

(1)Despite section 21(2), the consideration for a transfer of dutiable property is to be adjusted under section 21(3) or (4) if—

(a)the dutiable property is residential property consisting of a single dwelling; and

(b)the residential property is a lot in a strata subdivision that has common property; and

(c)the contract for the purchase of the dutiable property is entered into on or after 21 October 2024 and before 21 October 2025.

(2)Subsection (1) does not apply if the Commissioner determines that the contract for purchase of the dutiable property replaces a previous contract for the purchase of the same property entered into before 21 October 2024.

(3)In this section—

lot has the meaning given by section 3(1) of the Subdivision Act 1985;

strata subdivision has the meaning given by section 4(1) of the Transfer of Land Act 1958.".

4Repeal of this Act

This Act is repealed on the first anniversary of its commencement.

Note

The repeal of this Act does not affect the continuing operation of the amendments made by it (see section 15(1) of the Interpretation of Legislation Act 1984).

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ENDNOTES

1   General information

See for Victorian Bills, Acts and current authorised versions of legislation and up-to-date legislative information.

Minister's second reading speech—

Legislative Assembly: 29 October 2024

Legislative Council: 31 October 2024

The long title for the Bill for this Act was "A Bill for an Act to amend the Duties Act 2000 to introduce a temporary concession from duty for newly constructed dwellings in strata subdivisions and for other purposes."