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Providing strategic advice on expansion structures November 16, 2018

Founded in Bondi Beach in 2012, Bailey Nelson has rapidly grown into a global eyewear retailer and service provider with boutiques in Australia, London, Canada and New Zealand. The strong demand for their products and … Continued

Latest News

Maddocks appoints leading energy and resources partner November 19, 2019

Tuesday 19 November 2019 Maddocks has appointed one of Australia’s leading energy and resources lawyers. Peter Limbers will be joining Maddocks as a partner in Sydney in early 2020. Peter is widely recognised as one … Continued

Latest Article

Regulating the web – is the Australian Consumer Law ‘fit for purpose’? November 28, 2019

Earlier this year, the Australian Competition and Consumer Commission (ACCC) published its world first Digital Platforms Inquiry Report (Report) in which the ACCC considered the impacts of online search engines, social media and digital content … Continued

Legislation update – State Taxation Amendment Act (2019)

In addition to the changes to the economic entitlement rules, the State Taxation Acts Amendment Act (2019) introduced a number of other changes to duties, land tax, payroll tax and land valuations which developers should be aware of. This includes the following:

Duties

  • The foreign purchaser additional duty rate increased from 7 percent to 8 percent, meaning the rate of duty for foreign purchasers of residential property will increase to 13.5 percent overall. The new rate applies to contracts entered into on or after 1 July 2019.
  • A significant change in the corporate reconstruction duty A full duty exemption is no longer available, but instead replaced by a concessional rate of duty (10 percent of the duty otherwise payable, so a 90 percent concession). The provisions were also changed to widen the eligibility criteria.
  • Fixtures of significant value (valued over $2 million) transferred independently of the underlying land are now subject to duty. This applies to arrangements entered into on or after 19 June 2019.
  • A duty concession for transfers of commercial and industrial properties in regional Victoria will be progressively introduced (up to a 50 percent concession by 1 July 2023).

Land tax

  • The absentee owner surcharge rate will increase from 1.5 percent to 2 percent for the 2020 land tax year.
  • The principal place of residence land tax exemption for contiguous land on a separate title will be limited to properties in regional Victoria from the 2020 land tax year.

Payroll tax

  • The Victorian payroll tax-free wage threshold will be progressively increased from $650,000 to $700,000 by 1 July 2022.
  • The payroll tax rate for regional employers will be progressively reduced to 1.2125 percent by 1 July 2022, and the definition of a regional employer has been amended.
  • The payroll tax exemption for wages paid to employees on maternity leave has been expanded to all types of parental leave.

Land valuations

  • A simplified methodology has been introduced for determining the site value of buildings listed on the Victorian Heritage Register.
AUTHORS
Michael Taylor-Sands | Partner 
+61 3 9258 3651
michael.taylor-Sands@maddocks.com.au
Daniel Hui | Associate 
+61 3 9258 3563
E daniel.hui@maddocks.com.au

In addition to the changes to the economic entitlement rules, the State Taxation Acts Amendment Act (2019) introduced a number of other changes to duties, land tax, payroll tax and land valuations which developers should be aware of. This includes the following:

Duties

  • The foreign purchaser additional duty rate increased from 7 percent to 8 percent, meaning the rate of duty for foreign purchasers of residential property will increase to 13.5 percent overall. The new rate applies to contracts entered into on or after 1 July 2019.
  • A significant change in the corporate reconstruction duty A full duty exemption is no longer available, but instead replaced by a concessional rate of duty (10 percent of the duty otherwise payable, so a 90 percent concession). The provisions were also changed to widen the eligibility criteria.
  • Fixtures of significant value (valued over $2 million) transferred independently of the underlying land are now subject to duty. This applies to arrangements entered into on or after 19 June 2019.
  • A duty concession for transfers of commercial and industrial properties in regional Victoria will be progressively introduced (up to a 50 percent concession by 1 July 2023).

Land tax

  • The absentee owner surcharge rate will increase from 1.5 percent to 2 percent for the 2020 land tax year.
  • The principal place of residence land tax exemption for contiguous land on a separate title will be limited to properties in regional Victoria from the 2020 land tax year.

Payroll tax

  • The Victorian payroll tax-free wage threshold will be progressively increased from $650,000 to $700,000 by 1 July 2022.
  • The payroll tax rate for regional employers will be progressively reduced to 1.2125 percent by 1 July 2022, and the definition of a regional employer has been amended.
  • The payroll tax exemption for wages paid to employees on maternity leave has been expanded to all types of parental leave.

Land valuations

  • A simplified methodology has been introduced for determining the site value of buildings listed on the Victorian Heritage Register.
AUTHORS
Michael Taylor-Sands | Partner 
+61 3 9258 3651
michael.taylor-Sands@maddocks.com.au
Daniel Hui | Associate 
+61 3 9258 3563
E daniel.hui@maddocks.com.au