There are very few property transactions that do not have any tax implications. Therefore, property practitioners cannot afford to be ignorant of the possible tax implications on a property transaction.

This subtopic sets out the aspects of the taxation legislation which are relevant to commercial property transactions. Those taxes, a general description of the nature of the tax and the legislation governing those taxes, are set out below:

• Stamp duty — taxed on dutiable transactions, whether or not there is a written instrument: Duties Act 1997 (NSW).

• Land tax — charged on the value of all land holdings of a taxpayer: Land Tax Act 1956 (NSW); Land Tax Management Act 1956 (NSW).

• Capital gains tax — charged on capital gains made on an asset acquired after 20 September 1985: Income Tax Assessment Act 1997 (Cth).

• Goods and services tax — levied on all transactions in which an entity makes a taxable supply: A New Tax System (Goods and Services Tax) Act 1999 .

• Landholder Duty — charged on the acquisition of a significant interest in a landholder (an entity which has land holdings with an unencumbered value of $2 million or more: Duties Act 1997 (NSW).

The website of each Office of State Revenue includes a calculator to calculate the different forms of stamp duty. Taxation issues can be both complex and prescriptive and involve both legal and accounting principles. It is therefore important that a practitioner's retainer clearly set out the scope of the taxation advice to be given. The advice may be limited to general advice only. In complex transactions, or where the client has a complex structure, it may be prudent for the practitioner to advise the client to seek specialist advice.

There are very few property transactions that do not have any tax implications. Therefore, property practitioners cannot afford to be ignorant of the possible tax implications on a property transaction.

This subtopic sets out the aspects of the taxation legislation which are relevant to commercial property transactions. Those taxes, a general description of the nature of the tax and the legislation governing those taxes, are set out below:

• Stamp duty — taxed on dutiable transactions, whether or not there is a written instrument: Duties Act 2000 (Vic).

• Land tax — charged on the value of all land holdings of a taxpayer: Land Tax Act 2005 (Vic).

• Capital gains tax — charged on capital gains made on an asset acquired after 20 September 1985: Income Tax Assessment Act 1997 (Cth).

• Goods and services tax — levied on all transactions in which an entity makes a taxable supply: A New Tax System (Goods and Services Tax) Act 1999 .

• Landholder Duty — charged on the acquisition of a significant interest in a landholder (an entity which has land holdings with an unencumbered value of $2 million or more: Duties Act 2000 (Vic).

The website of the Office of State Revenue includes a calculator to calculate the different forms of stamp duty.

Taxation issues can be both complex and prescriptive and involve both legal and accounting principles. It is therefore important that a practitioner's retainer clearly set out the scope of the taxation advice to be given. The advice may be limited to general advice only. In complex transactions, or where the client has a complex structure, it may be prudent for the practitioner to advise the client to seek specialist advice.

There are very few property transactions that do not have any tax implications. Therefore, property practitioners cannot afford to be ignorant of the possible tax implications on a property transaction.

This sub topic sets out the aspects of the taxation legislation which are relevant to commercial property transactions. Those taxes, a general description of the nature of the tax and the legislation governing those taxes, are set out below:

• Western Australia — Duty — taxed on dutiable transactions, whether or not there is a written instrument: Duties Act 2008 (WA).

• Land tax — charged on the value of all land holdings of a taxpayer: Land Tax Act 2002 (WA), Land Tax Assessment Act 2002 (WA) and the Taxation Administration Act 2003 (WA).

• Capital gains tax — charged on capital gains made on an asset acquired after 20 September 1985: Income Tax Assessment Act 1997 (Cth).

• Goods and services tax — levied on all transactions in which an entity makes a taxable supply: A New Tax System (Goods and Services Tax) Act 1999 (Cth).

• Landholder duty — charged on the acquisition of a significant interest in a landholder (an entity which has land holdings with an unencumbered value of $2 million or more): Duties Act 2008 (WA).

The website of the Office of State Revenue includes a calculator to calculate the different forms of duty.

Taxation issues can be both complex and prescriptive and involve both legal and accounting principles. It is therefore important that a practitioner's retainer clearly set out the scope of the taxation advice to be given. The advice may be limited to general advice only. In complex transactions, or where the client has a complex structure, it may be prudent for the practitioner to advise the client to seek specialist advice.

There are very few property transactions that do not have any tax implications. Therefore, property practitioners cannot afford to be ignorant of the possible tax implications on a property transaction.

This topic sets out the aspects of the taxation legislation which are relevant to commercial property transactions. Those taxes, a general description of the nature of the tax and the legislation governing those taxes, are set out below:

Tax General Description LegislationSouth Australia — Stamp dutyImposed on dutiable transactions, whether or not there is a written instrument.Stamp Duties Act 1923 (SA)Land taxCharged on the value of all land holdings of a taxpayerLand Tax Act 1936 (SA)Capital gains taxCharged on capital gains made on an asset acquired after 20 September 1985Income Tax Assessment Act 1997 (Cth)Landholder DutyLevied where control of an entity changes and the the entity holds land assets in excess of $1,000,000; 90% or more of the shares or units in a listed entity change ownershipStamp Duties Act 1923 (Cth)Goods and services taxLevied on all transactions in which an entity makes a taxable supplyA New Tax System (Goods and Services Tax) Act 1999 (Cth)

The website of the Revenue SA includes a calculator to calculate the different forms of stamp duty.

Taxation issues can be both complex and prescriptive and involve both legal and accounting principles. It is therefore important that a practitioner’s retainer clearly sets out the scope of the taxation advice to be given. The advice may be limited to general advice only. In complex transactions, or where the client has a complex structure, it may be prudent for the practitioner to advise the client to seek specialist advice.

There are very few property transactions that do not have any tax implications. Therefore, property practitioners cannot afford to be ignorant of the possible tax implications on a property transaction.

This topic sets out the aspects of the taxation legislation which are relevant to commercial property transactions. Those taxes, a general description of the nature of the tax and the legislation governing those taxes, are set out below:

Tax General Description LegislationTasmania — Stamp dutyImposed on dutiable transactions, whether or not there is a written instrument.Duties Act 2001 (Tas)Land taxCharged on the value of all land holdings of a taxpayerLand Tax Act 2000 (Tas)Capital gains taxCharged on capital gains made on an asset acquired after 20 September, 1985.Income Tax Assessment Act 1997 (Cth)Land rich dutyLevied on corporations holding land in Tasmania valued in excess of $500,000 and the land is more than 60% of the unencumbered value of its propertyDuties Act 2001(Tas) Goods and services taxLevied on all transactions in which an entity makes a taxable supplyA New Tax System (Goods and Services Tax) Act 1999 (Cth)

The website of the State Revenue Office of Tasmania has a comprehensive set of rulings, guidelines and fact sheets, and includes a calculator to calculate the different forms of stamp duty.

Taxation issues can be both complex and prescriptive and involve both legal and accounting principles. It is therefore important that a practitioner's retainer clearly sets out the scope of the taxation advice to be given. The advice may be limited to general advice only. In complex transactions, or where the client has a complex structure, it may be prudent for the practitioner to advise the client to seek specialist advice.

There are very few property transactions that do not have any tax implications. Therefore, property practitioners cannot afford to be ignorant of the possible tax implications on a property transaction. This subtopic sets out the aspects of the taxation legislation, which are relevant to commercial property transactions. Those taxes, a general description of the nature of the tax and the legislation governing those taxes, are set out below:

Tax General Description LegislationNorthern Territory — Stamp dutyTaxed on dutiable transactions, whether or not there is a written instrumentStamp Duty Act 1978 (NT)Capital gains taxCharged on capital gains made on an asset acquired after 20 September 1985Income Tax Assessment Act 1997 (Cth)Goods and services taxLevied on all transactions in which an entity makes a taxable supplyA New Tax System (Goods and Services Tax) Act 1999 (Cth)Landholder dutyCharged on the acquisition of a significant interest in a landholder (an entity which has land holdings with an unencumbered value of $500,000 or more)Stamp Duty Act 1978 (NT)

The website of the Territory Revenue Office includes a calculator to calculate the different forms of stamp duty.

Taxation issues can be both complex and prescriptive and involve both legal and accounting principles. It is therefore important that a practitioner’s retainer clearly sets out the scope of the taxation advice to be given. The advice may be limited to general advice only. In complex transactions, or where the client has a complex structure, it may be prudent for the practitioner to advise the client to seek specialist advice.

There are very few property transactions that do not have any tax implications. Therefore, property practitioners cannot afford to be ignorant of the possible tax implications on a property transaction.

This subtopic sets out the aspects of the taxation legislation which are relevant to commercial property transactions. Those taxes, a general description of the nature of the tax and the legislation governing those taxes, are set out below:

• Stamp duty — taxed on dutiable transactions, whether or not there is a written instrument: Duties Act 1999 (ACT).

• Land tax — charged on residential properties that are rented or owned by a trust or corporation: Land Tax Act 2004 (ACT).

• Capital gains tax — charged on capital gains made on an asset acquired after 20 September 1985: Income Tax Assessment Act 1997 (Cth).

• Goods and services tax — levied on all transactions in which an entity makes a taxable supply: A New Tax System (Goods and Services Tax) Act 1999 (Cth).

• Landholder duty — charged on the acquisition of a significant interest in a landholder (landholder is simply defined as an entity which is a private company or a private unit trust scheme that has an interest in land in the ACT itself or through linked entities): Duties Act 1999 (ACT) and Taxation Administration Act 1999 (Cth).

The website of the ACT Revenue Office includes a calculator to calculate the different forms of stamp duty.

Taxation issues can be both complex and prescriptive and involve both legal and accounting principles. It is therefore important that a practitioner's retainer clearly set out the scope of the taxation advice to be given. The advice may be limited to general advice only. In complex transactions, or where the client has a complex structure, it may be prudent for the practitioner to advise the client to seek specialist advice.