The Building a Better Victoria (State Tax and Other Legislation Amendment) Bill 2014 (Vic) on Tue 17.6.2014, received Royal Assent as Act No 40 of 2014. It had passed all stages with Government amendments. The Bill amends the following Victorian Acts: the Duties Act 2000, the First Home Owner Grant Act 2000, the Land Tax Act 2005, the Payroll Tax Act 2007, and the Taxation Administration Act 1997 and for other purposes. Among other things, the Bill implements the proposals announced in the Victorian Budget 2014-15.
Further information
The Victorian State Revenue Office (SRO) has issued a new General Information Bulletin GEN 2/14 (Changes to State Taxes – June 2014) to explain the changes made by the Amending Act.
The SRO has also issued a new Duties Act Bulletin D1/14 (Treatment of Life Insurance Policy Riders) to clarify the treatment of riders attached to life insurance policies following the abolition of duty on life insurance.
[LTN 115, 18/6/14]