Tax

State Taxes

State taxes are prevalent. We help you to understand the tax landscape, reduce risk and move forward with certainty.

State taxes impact a wide range of transactions, particular where property development is concerned. Overlooking these taxes can result in severe legal and financial consequences. We provide clarity so that you can take decisive and well-informed action.

We assist with:

transfer duty (stamp duty);
duty applications, concessions and exemptions, including corporate reconstruction relief applications;
land tax;
windfall gains tax;
payroll tax;
property developments;
transaction structuring; and
tax disputes.

Approach

State taxes impact a wide range of transactions, particular where property development is concerned. Overlooking these taxes can result in severe legal and financial consequences. We provide clarity so that you can take decisive and well-informed action.

We assist with:

transfer duty (stamp duty);
duty applications, concessions and exemptions, including corporate reconstruction relief applications;
land tax;
windfall gains tax;
payroll tax;
property developments;
transaction structuring; and
tax disputes.

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How do you charge?

Trust is one of our core values. We pride ourselves on not causing 'bill shock'. Our usual approach is to provide you with a clear and transparent fee quote to ensure that there are no surprises. You can then make an informed decision about whether you want to proceed or not.

Do you advise on State Taxes in all Jurisdictions in Australia?

Yes. Velocity Legal advises on state tax matters in all Australian jurisdictions. Historically, we have predominately assisted in state tax matters in Victoria, NSW and Queensland.

Can you assist with seeking a duty exemption?

Duties are almost always a consideration in property transactions. However, certain transactions are exempt for duty (for example, where primary production land is transferred between members of a family group or where property is transferred between members of a corporate group). We can provide advice on whether a duty exemption may apply, prepare the necessary duty exemption application and liaise with the relevant State Revenue body.

Can you advise on the Windfall Gains Tax?

Windfall gains tax (WGT) operates in Victoria from 1 July 2023. The WGT is essentially a ‘value-capture’ state tax that is triggered where there has been a significant uplift in the value of land due to a rezoning of the land. There is a maximum WGT of 62.5% payable on the amount of the uplift. WGT is entirely separate to CGT.

Velocity Legal can advise on all aspects of the WGT and its impact of significant property acquisitions and disposals.

Can you assist with disputes with the State Revenue Offices?

You may be in a position where you have received a tax assessment, reassessment or decision from a State Revenue authority that you disagree with on the basis that it is incorrect.

Velocity Legal regularly acts for taxpayers involved in disputes with either the State Revenue Office or Revenue NSW. We endeavour to engage in early dispute resolution mechanisms and avoid unnecessary legal costs and arduous legal processes. Where necessary, we also engage in formal disputes (such as objections and appeals).

I’m a property developer. Do you advise on property development?

Whether a once-off or an experienced developer, Velocity Legal are seasoned in assisting clients on their complex tax matters that arise in their property development journey. We often advise on complex property tax issues, including land tax exemptions, economic entitlement issues, landholder duty, partitions, revenue vs capital matters and the main residence CGT exemption.

Our Velocity Legal tax team are passionate in providing advice with our client’s long-term interests in mind. Our frequent engagement in private tax matters and continual investment in tax education ensures that we are not only on update to date with the ever-changing tax legislation but are forward thinking.

To find out more about our property development services, please click here.