Victorian Numbered Acts

STATE TAXATION ACTS AMENDMENT ACT 2015 (NO. 26 OF 2015) - SECT 16

After section 18 of the Duties Act 2000 insert —

        " 18A     Foreign purchasers—duty in respect of change of use of land

    (1)     This section applies if—

        (a)     on or after 1 July 2015, under a dutiable transaction, a land-related interest in property that is not residential property is transferred to a foreign purchaser; and

        (b)     after the land-related interest is transferred, the foreign purchaser forms an intention to affix a building on the land that is subject to the land-related interest that—

              (i)     is designed and constructed solely or primarily for residential purposes; or

              (ii)     may lawfully be used as a place of residence.

    (2)     Within 14 days after the foreign purchaser forms the intention, the foreign purchaser must lodge with the Commissioner a statement of the foreign purchaser's intention.

    (3)     Within 30 days after the foreign purchaser forms the intention, the foreign purchaser must pay duty in relation to the land-related interest in residential property at a rate of 3% of the dutiable value of the interest at the time that it was transferred.".