New Changes for 2020

Posted on: | Category:

The Victorian Government has introduced new changes regarding flammable cladding, foreign purchaser tax and principal place of residence (PPR) exemption.

Flammable cladding

From January 1, builders will pay a new levy to fund rectification works for high-risk buildings covered in flammable cladding. The levy applies to new permits for multi-storey buildings, valued at more than $800,000, but does not include single dwellings, developments in regional Victoria, schools and hospitals.

Foreign purchaser taxes

Foreign property owners will start paying more on their land tax, with the absentee owner surcharge to rise from 1.5 per cent to 2 per cent. This is set to affect about 3000 owners.

Principal place of residence exemption

The principal place of residence tax exemptions will no longer apply to contiguous land in metropolitan Melbourne, as the state government seeks to reduce "land banking". The exemption still applies where the principal place of residence is an apartment or unit with a separately titled car park or storage space, and for land in regional and rural Victoria.

Central Victorian Conveyancer

At Central Victoria Conveyancing, as Victorian farmers and former city dwellers, we understand all your Victorian country, suburban and city property concerns. We are with you all the way through your transaction, we are always available to discus any concerns or questions you may have in a friendly and easy to understand way with no unnecessary legal jargon.

Our Advantages

Whether you are a first home buyer or looking to upsize or down size from your current home, a business looking to buy or sell, a developer looking to subdivide, an investor looking for your best options, or a farmer selling land ( we can help with water shares too), our team at Central Victoria Conveyancing can help you with advice and legal professional property services to suit your requirements and needs.

Contact Us
📍 31b High Street, Lancefield, VIC, Australia 3435
📞 (03) 5429-2073
📠 no fax available
📱 0419-581-844 (Clare de Kok)
📱 0430-225-348 (Clare Spicer)
✉️ office@cvcproperty.com.au

Liability limited by a scheme approved under professional standards legislation

© 2021 Central Victoria Conveyancing Contact Us