What types of long-term leases are affected?
The definition of “lease” in the Bill is not restricted to “long-term leases”: lease is defined as “a lease of land in Victoria or an agreement for a lease of land in Victoria”. No minimum lease term is required. The Bill proposes to make the following transactions “dutiable transactions”: • “the granting of a lease for which any consideration other than the rent reserved is paid or agreed to be paid, either in respect of the lease or in respect of” a right or option to purchase the land, a right of first refusal in respect of the land or any other arrangement by which the lessee or an associated person obtains a right or interest in the land other than the leasehold estate; • “the transfer or assignment of a lease for which any consideration is paid or agreed to be paid” (irrespective of whether a lease premium was paid on the initial grant of the lease); and • “the surrender of dutiable property” (including a lease of a kind referred to in the above dutiable transactions). It is not
