The guide, produced by the LP Legal Practitioners’ Liability Committee, is a concise, practitioner‑focused briefing on the suite of state and federal property‑related taxes and duties that may arise in Victorian conveyancing matters. It explains the purpose of the document – to raise practitioner awareness of tax and duty issues, outline common claim scenarios, and suggest risk‑reduction actions – and then systematically covers each major tax regime: Capital Gains Tax (including the 2025 removal of the $750,000 threshold and a uniform 15% withholding rate), Goods and Services Tax (GST) (overview, claim triggers, withholding rules and the LPLC GST advice service), Transfer Duty and Landholder Duty (rates, exemptions, the ‘double duty’ risk, foreign purchaser additional duty and economic entitlement rules), Trust‑related duty exemptions, the new Commercial and Industrial Property Tax (CIPT) regime (eligibility, rates and transition loan options), Land Tax (progressive rates, surcharges, exemptions and the 2024 prohibition on land‑tax adjustments), Vacant Residential Land Tax (VRLT) (rates, exemptions and upcoming expansion to certain vacant unimproved land), Growth Areas Infrastructure Contribution (GAIC) (rates, triggers and claim pitfalls), and Windfall Gains Tax (uplift‑based rates and deferral). The final section stresses the importance of practitioners recognising the limits of their tax expertise and referring clients to specialised advisers. Throughout, the guide provides legislative citations, key thresholds, practical checklists, and links to ATO, State Revenue Office and LPLC resources.
Topics
Purpose and Risk‑Reduction Checklist for Conveyancers
Sets out why practitioners need tax awareness, outlines common claim scenarios, and provides a practical checklist of actions to mitigate risk.
Capital Gains Tax (CGT) Overview and 2025 Withholding Reform
Explains CGT fundamentals, exemptions, typical claim triggers, and details the 2025 amendment that removes the acquisition‑price threshold and imposes a 15% withholding on all Australian property transactions.
Goods and Services Tax (GST) – Applicability, Claims and Withholding
Describes GST’s 10% rate, when it applies to property transactions, common claim causes, the GST withholding mechanism, and the LPLC GST advice service for practitioners.