Transfer of Land (Fees) Amendment Regulations 2024 (Vic)

Transfer of Land (Fees) Amendment Regulations 2024

S.R. No. 39/2024

TABLE OF PROVISIONS

Regulation  Page

1Objective

2Authorising provision

3Commencement

4Schedule 1—Prescribed fees

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Endnotes

STATUTORY RULES 2024

S.R. No. 39/2024

Transfer of Land Act 1958

Transfer of Land (Fees) Amendment Regulations 2024

The Governor in Council makes the following Regulations:

Dated: 28 May 2024

Responsible Minister:

SONYA KILKENNY
Minister for Planning

SAMUAL WALLACE

Clerk of the Executive Council

1Objective

The objective of these Regulations is to amend the Transfer of Land (Fees) Regulations 2016 to convert fees expressed as dollar amounts to fee units.

2Authorising provision

These Regulations are made under section 120 of the Transfer of Land Act 1958.

3Commencement

These Regulations come into operation on 1 July 2024.

4Schedule 1—Prescribed fees

In Schedule 1 to the Transfer of Land (Fees) Regulations 2016[1]—

(a)in Column 4 of item 13, for "$10.00" substitute "0·63 fee units";

(b)in Column 4 of item 14—

(i)for "$6.15" substitute "0·39 fee units";

(ii)for "$9.08" substitute "0·57 fee units";

(iii)for "$7.26" substitute "0·46 fee units";

(c)in Column 4 of item 15, for "$10.00" substitute "0·63 fee units";

(d)in Column 4 of item 80—

(i)for "$6.21" substitute "0·39 fee units";

(ii)for "$9.16" substitute "0·58 fee units";

(iii)for "$7.64" substitute "0·48 fee units";

(e)in Column 4 of item 80A—

(i)for "$10.49" substitute "0·66 fee units";

(ii)for "$13.07" substitute "0·82 fee units";

(f)in Column 4 of item 81, for "$6.21" substitute "0·39 fee units";

(g)in Column 4 of item 82—

(i)for "$4.26" substitute "0·27 fee units";

(ii)for "$7.19" substitute "0·45 fee units";

(iii)for "$5.38" substitute "0·34 fee units";

(h)in Column 4 of item 83—

(i)for "$3.05" substitute "0·19 fee units";

(ii)for "$5.99" substitute "0·38 fee units";

(iii)for "$4.17" substitute "0·26 fee units";

(i)in Column 4 of items 84 and 85, for "$10.00" substitute "0·63 fee units".

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ENDNOTES

[1] Reg. 4: S.R. No. 29/2016 as amended by S.R. Nos 27/2017, 68/2018, 31/2019, 74/2021 and 47/2023.

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Fee Units

These Regulations provide for fees by reference to fee units within the meaning of the Monetary Units Act 2004.

The amount of the fee is to be calculated, in accordance with section 7 of that Act, by multiplying the number of fee units applicable by the value of a fee unit.

The value of a fee unit for the financial year commencing 1 July 2024 is $16.33. The amount of the calculated fee may be rounded to the nearest 10 cents.

The value of a fee unit for future financial years is to be fixed by the Treasurer under section 5 of the Monetary Units Act 2004. The value of a fee unit for a financial year must be published in the Government Gazette and a Victorian newspaper before 1 June in the preceding financial year.