Recent updates to the Notice of Acquisition form Vic
Landowners in Victoria may have to pay land tax. For land tax purposes, when you acquire any land in Victoria you must notify the State Revenue Office (SRO) by lodging a Notice of Acquisition form Vic with the Land Registry. This form will be forwarded to the SRO by the Land Registry.
Landowners failing to lodge the Notice of Acquisition form Vic within one month after purchase may be penalised.
You should also lodge a copy of your acquisition notice with your relevant local council for rates purposes and the local water authority. If you are acquiring land on trust, you will need to lodge a notice of trust acquisition in lieu of the Notice of Acquisition form Vic.
Since December, 2015, the Land Tax Regulations 2015 has come into effect along with the new Notice of Acquisition form Vic. This new notice must now be used for all settlements.
The following information is needed to complete the Notice of Acquisition form Vic:
–> Full contact details of the seller/s (all parties that were registered on title whether individuals, trusts or companies),
–> Full contact details of the buyer/s (all parties to be registered on title whether individuals, trusts or companies) and percentage of share holdings. If the buyer is an individual, provide date of birth, future contact details, and indicate whether the property will be used as their principal place of residence,
–> Details of the title (refer to the certificate of title, plan of the property, transfer of land documentation, and council rates notice), and
–> Details of the transaction.
The Notice of Acquisition form Vic must be signed by the new owner or their agent prior to lodgement.