Menu
Back to Blog

New Land Tax and Windfall Gains Tax Laws in Victoria 2024

Published by Pearson Chambers on
Professional blog header featuring Victoria's skyline and legal symbols, with text '2024 Legal Update: Navigating Land Tax & WGT Changes in Victoria.

Pearson Chambers Conveyancing is committed to keeping you informed about critical legislative changes that could impact your property transactions. With the start of 2024 just around the corner, it's crucial to understand the significant changes in the Sale of Land Act 1962 (Vic) and the Property Law Act 1958 (Vic), particularly concerning Land Tax and Windfall Gains Tax (WGT) apportionment.

Key Changes Effective from 1 January 2024

  1. New Prohibitions: There will be a strict prohibition against Land Tax and WGT Apportionment in property sales. It means that vendors can no longer require purchasers to pay any part of their Land Tax or existing WGT liabilities.

  2. Legislative Updates: Amendments to the Sale of Land Act 1962 (Vic) and the Property Law Act 1958 (Vic) signify the end of the practice of adjusting Land Tax in property sales agreements.

  3. Contractual Implications: From 1 January 2024, any contractual clause that makes a purchaser responsible for the vendor’s Land Tax will become null and void.

  4. Impact on Existing Contracts: Contracts signed before this date are not impacted by this new regulation, and the Land Tax adjustment clauses in them remain valid and enforceable.

What This Means for Your Property Transactions

This legislative shift has significant implications for both buyers and sellers in the property market. Understanding these changes is essential to ensure that your future property contracts comply with the new laws and that you're not financially disadvantaged.

  • For Sellers: It's vital to be aware that you can no longer pass your Land Tax or WGT liabilities to the buyer. This change might affect your selling strategy and pricing.

  • For Buyers: You can now enter property deals with the assurance that you won’t be unexpectedly burdened with the seller's existing tax liabilities.

Stay Informed and Prepared

For a more comprehensive understanding of these changes and how they might affect your specific situation, we encourage you to visit our website at www.pearsonchambers.com.au.

Pearson Chambers Conveyancing: Your Trusted Partner in Conveyancing

At Pearson Chambers Conveyancing, we understand that navigating property law can be complex and daunting. That's why our team of experienced conveyancing professionals are always ready to offer you personalised legal advice and support. If you have any questions or need guidance on how these changes may impact your specific circumstances, please don't hesitate to reach out to us.

We are dedicated to ensuring that your conveyancing experience is seamless, compliant, and tailored to your needs. Thank you for choosing Pearson Chambers as your trusted conveyancing partner. We look forward to continuing to serve you with the highest standards of professionalism and expertise.

Back to Blog