The Victorian Government has recently announced changes to the Duties Act which may have significant cash-flow consequences for purchasers and developers alike.
These changes effect the timeframes for purchasers to make stamp duty payments.
If you have a settlement that is scheduled on or after 1 April 2012, you must make all stamp duty payments within 30 days from the settlement date.
If you fail to make the required stamp duty payments within the prescribed period, you may face substantial penalties.
KCL Law will provide regular updates on how these changes will impact your business.
For more information, please contact a member of our Property team on (03) 8600 8888.
Note: This update is a guide only and is not intended to constitute legal advice.