Event Details

Date & Time

Thu, 20 Jun 2019 07:30 AM - 09:30 AM

Location

Collins Square, Events Centre 727 Collins St, Docklands VIC 3008

Cost (Prices include GST)

Member Prices

$ 0.00

Member Prices

No Charge

Non-Member Prices

$ 0.00

Non-Member Prices

No Charge
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(03) 9832 9600

Fully Booked

UDIA New Duty on Development Agreements  - Member Briefing - Fully Booked

If you are interested in attending please email events@udiavic.com.au to be added to the waitlist.


The State Government is about to enact new rules which impose duty on Development Agreements (DA).  Under current rules only a limited pool of DAs attract duty.

 Under the new rules:

  • a DA in respect of any form of land (residential, industrial, commercial) valued in excess of $1 million will be caught;
  • the form of legal ownership of the land will not matter (company, unit trust, discretionary  trust or natural person);
  • a dutiable ‘economic entitlement’ will be acquired via a right to participate in the income, rents or profits from the land, or the capital growth or proceeds of sale, or any combination of these things; 
  • if the DA does not specify the percentage of economic entitlement acquired, the entire value of the land will be taxed;
  • duty will be payable upfront, within 30 days of execution of the DA (irrespective of the terms of the DA);

 
The new rules will have wide-ranging unintended consequences and impose onerous self-assessment and compliance obligations on developers.  
 

This complimentary briefing will cover: 

  • why the new rules have been introduced
  • how they will operate
  • what legal agreements are caught
  • how the rules will affect development structures commonly used by residential developers 

 
The purpose of the session is to provide practical insights into how the new rules will operate in the market and will be presented by Michael Taylor-Sands (Partner, Tax & Structuring) - Maddocks, and Leigh Baring (Partner, Tax & Structuring) - Maddocks. 
 
Maddocks is a longstanding UDIA member and regularly partners with UDIA to provide technical briefings to members. Maddocks worked closely with UDIA on government lobbying efforts.
 
Both Michael and Leigh are well known for their expertise in the area and are uniquely placed to provide both policy and practical insights into the operation of the new regime.

 

EVENT DETAILS
Date: Thursday 20 June 2019
Time: 7:30am Registration for 8:00am to 9:30am
​Cost: FREE
Venue: Event Centre, Collins Square -  Level 6, Tower 2,
 727 Collins Street, Melbourne, Victoria 3000


 

 

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Booking Options

We are not taking registrations for this event at this time.

 

Cancellation Policy: Cancellations must be advised in writing at least 7 working days prior to the event date. A refund will not be granted if a registrant fails to attend or cancels within 6 working days prior to the event. Substitutions can be made at any time without penalty.