The Victorian State Revenue Office (SRO) has revised a number of Revenue Rulings and a Form to reflect the recent legislative amendment to the Duties Act 2000 (Vic) to reduce the period for payment of duty for dutiable transactions and relevant acquisitions from 3 months to 30 days. The change came into effect for dutiable transactions and relevant acquisitions occurring on or after 1 April 2012 (however, note the SRO’s transition arrangement for late payments made between 1 April 2012 and 30 June 2012 contained in Duties Act Bulletin D1/12).
Updated Revenue Rulings and the Form include:
- Revenue Ruling DA.008 (Guidelines – Duty exemption for voluntary transfers of business involving certain financial institutions);
- Revenue Ruling DA.040 (Land Rich Provisions – Conversion of private unit trust scheme to public unit trust scheme)
- Revenue Ruling DA.052 (Lease Provisions – General Application); and
- Duties Form 49 (Section 80 – Land Rich Acquisition Statement).
- In addition, the SRO has replaced Revenue Ruling DA.044 with Revenue Ruling DA.044 (version 2) (Land Rich Provisions – Obligations on making a relevant acquisition and calculation of duty).
[LTN 63, 2/4]