Who Decides The Settlement Date?
July 9, 2024Who Can We Refer You To?
September 3, 2024
If you buy a commercial or industrial property on or after 1 July 2024, it will be an entry transaction affected by the new commercial and industrial property tax (“CIPT”) reform. This means two things:
- Ten years after the entry transaction, CIPT will begin to apply to the property at a flat rate of 1% of the property’s site (or unimproved) value each year provided the property continues to have a qualifying use, i.e. it remains land used for commercial, industrial, extractive industries or infrastructure and utilities purposes. This includes commercial residential premises used solely or primarily for tertiary student accommodation.
- If the land is subsequently sold, the buyer will not pay stamp duty, but they will continue to be liable to pay the annual CIPT.
For more information about the CIPT, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351.
Andrew Rothfield
Andrew Rothfield is a licensed conveyancer from Glenferrie Conveyancing. The company holds the prescribed professional indemnity insurance, maintains a general trust account, and is a leading subscriber to the PEXA electronic settlement system.
