Government Closes Duty Avoidance Loophole
Source: Victoria. Treasurer. Media Release
"The Victorian Government has moved to close a loophole which allowed the use of complex long-term lease arrangements to escape stamp duty liability. The long-term lease schemes allowed a small number of parties to use and control leased land equivalent to ownership without having to pay the appropriate stamp duty. “Effectively, a purchaser can acquire rights which are equivalent to ownership but not pay duty,” Victorian Treasurer John Lenders said today.“It is not fair on the vast majority of Victorians who do the right thing if we are allowing some to slip through loopholes. It’s the ordinary Victorian taxpayer who ends up paying for those who don’t."