Thursday, 31 October 2024

Duties Amendment (More Homes) Bill 2024

Introduction and first reading

The PRESIDENT (21:33): I have received the following message from the Legislative Assembly:

The Legislative Assembly presents for the agreement of the Legislative Council ‘A Bill for an Act to amend the Duties Act 2000 to introduce a temporary concession from duty for newly constructed dwellings in strata subdivisions and for other purposes.’

Harriet SHING (Eastern Victoria – Minister for Housing, Minister for Water, Minister for Equality) (21:33): I move:

That the bill be now read a first time.

Motion agreed to.

Read first time.

Harriet SHING: I move, by leave:

That the second reading be taken forthwith.

Motion agreed to.

Statement of compatibility

Harriet SHING (Eastern Victoria – Minister for Housing, Minister for Water, Minister for Equality) (21:33): I lay on the table a statement of compatibility with the Charter of Human Rights and Responsibilities Act 2006:

In accordance with section 28 of the Charter of Human Rights and Responsibilities Act 2006 (Charter), I make this Statement of Compatibility with respect to the Duties Amendment (More Homes) Bill 2024:

In my opinion, the Duties Amendment (More Homes) Bill 2024, as introduced to the Legislative Council, is compatible with the human rights as set out in the Charter. The provisions of the Duties Amendment (More Homes) Bill 2024 do not engage the human rights listed in the Charter because they either do not affect natural persons, or they operate beneficially in relation to natural persons.

Hon Jaclyn Symes MP

Attorney-General

Minister for Emergency Services

Second reading

Harriet SHING (Eastern Victoria – Minister for Housing, Minister for Water, Minister for Equality) (21:34): I move:

That the bill be now read a second time.

Ordered that second-reading speech be incorporated into Hansard:

The Duties Amendment (More Homes) Bill 2024 amends the Duties Act 2000 to introduce a new temporary off-the-plan land transfer duty concession for purchases of eligible apartments and townhouses, for contracts entered into from 21 October 2024 for 12 months. The new concession will be available to off-the-plan purchasers of dwellings within a strata subdivision, and will allow purchasers to deduct 100 per cent of the construction costs incurred on or after the contract date, for the purposes of determining the dutiable value of the purchaser’s property.

The new concession will encourage more off-the-plan purchases of apartments and townhouses by providing a land transfer duty benefit to purchasers, including investors, who are not eligible for existing off-the-plan concessions that are currently available for first home buyers and owner-occupiers. The existing off-the-plan concessions for first home buyers and owner-occupiers will continue to apply. The new off-the-plan concession will be available for a 12-month period commencing from 21 October 2024.

I commend the bill to the house.

Georgie CROZIER (Southern Metropolitan) (21:34): On behalf of my colleague Mr Mulholland, I move:

That debate be adjourned for one week.

Motion agreed to and debate adjourned for one week.