Picture this: You’ve just purchased your third investment property in Melbourne, feeling proud of your growing portfolio. Your accountant set up the first property in your personal name for “simplicity,” and you’ve continued with the same structure ever since. Fast forward five years, and a single professional indemnity claim threatens to wipe out your entire...
In the rapidly evolving landscape of electric vehicle (EV) adoption in Australia, a new challenge has emerged for Owners Corporations managing apartment buildings and strata complexes. As EV ownership increases, these bodies are facing growing difficulties securing insurance coverage that adequately addresses the perceived fire risks associated with electric vehicles and their charging infrastructure. The...
Purchasing a property is one of the most important legal and financial commitments you will make. But not all contracts are what they seem. At Hayton Kosky, we are increasingly concerned by the rise of non-standard, buyer-unfriendly contracts being issued by some conveyancing practitioners. These contracts often appear to follow the standard form developed by...
Victoria’s urban landscape is continually evolving, driven by population growth and the imperative for sustainable development. A cornerstone of this growth management is the Public Open Space (POS) levy, a critical mechanism ensuring that new developments contribute to the provision of essential community infrastructure. For property developers, understanding the legislative intricacies of this levy is...
Overview The Emergency Services and Volunteer Fund (ESVF) is a new property tax that will replace the existing Fire Services Property Levy (FSPL) in Victoria starting July 1, 2025. The Victorian Parliament passed the legislation last week, and it represents a significant increase in property taxes for Victorian landowners. Background and Implementation The ESVF replaces...
When the Federal Government introduced the Goods and Services Tax (GST) in 2000, it came with a promise: the new consumption tax would replace a raft of inefficient state taxes, creating a more streamlined taxation system across Australia. The GST was meant to provide states with a stable revenue source while allowing them to eliminate...
Based on research from the State Revenue Office, Department of Treasury and Finance, and other government sources, here is the complete list of 33 taxes, levies, and duties in Victoria, categorised by type: Property Taxes and Duties Land tax Vacant residential land tax Land transfer (stamp) duty – non-principal place of residence Land transfer (stamp)...
Changing names on a property title is more common than you might think—and for various reasons. Whether correcting a spelling error, reflecting a relationship change, or updating trustee details, it’s important to understand the legal and tax implications involved. In Victoria, this process typically involves the Land Titles Office (LTO) for registration and the State...
I just finished watching the 2024 Danish documentary series Den sorte svane. I then had this conversation with Google Gemini and a follow up to Australia’s own eveloving AMF / CTF legislation. Refer my earlier post The Danish documentary series “The Black Swan – Den sorte svane” from 2024 has undeniably sent shockwaves through Denmark,...
If you’re planning to sell your residential property in 2025 or beyond, there’s an important new tax requirement you need to be aware of. As of 1 January 2025, the Australian Taxation Office (ATO) has made it compulsory for all property vendors—regardless of sale price—to provide a clearance certificate to avoid automatic tax withholding at...
