Property developers should pay careful attention to the treatment of GST in contracts for the sale of land. Recently, two developers in dispute incurred significant costs and delays simply over missing the word “Plus” in a contract of sale.
As most property owners in Victoria are now aware, the new Victorian Vacant Residential Land Tax (“VRLT”) came into effect from 1 January 2018. All owners of property in Victoria who are liable to pay the VRLT must notify the State Revenue Office of the details of their properties by no later than 15 January 2018. Failure to do so may result in penalties being imposed on the property owner.