Property Developers Hit Hard By "Economic Entitlements" Reforms

The State Taxation Acts Amendment Act 2019 which was recently enacted has resulted in significant changes to the “economic entitlement” provisions of the Duties Act 2000. Under the changes, a residential developer will be deemed to have acquired an ‘economic entitlement’ to any income, rent or profits generated from the land and will be subject to a duty as if they had acquired a beneficial ownership interest in the land.

building law, commercial law, construction lawKatie Gold22 August 2019victorian government, developers, land owners, duty, economic entitlement, duties act, bill, urban lawyers, victoria, fees, duties act 2000, land, landowner

Sunset Clauses In Off-The-Plan Residential Contracts

The Sale of Land Amendment Bill 2018 (Bill) was introduced to the Victorian parliament in August 2018, passed by the Legislative Assembly on 20 September 2018 and introduced to the Legislative Council on 20 September 2018. A key purpose of the Bill is to amend the Sale of Land Act 1962 to restrict the use of sunset clauses in certain off-the-plan contracts.

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