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Victorian State Budget – what it means for commercial and property transaction clients

SUMMARY

The Victorian Government announced the State budget this week and it includes plans for sweeping changes to taxation and revenue raising across the board. Particularly of interest in the area of commercial and property transactions, is the forecast of an increase in the State Revenue Office revenue by 7.2 % due to a growth in stamp duty and land tax collections and the introduction of a new planning tax to help fund the new Metropolitan Planning Authority. There are also changes to duties payable, with first home buyers set to receive an increased reduction in stamp duty and the duty payable on life insurance policies is to be abolished.

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