With extensive experience in commercial property transactions, leasing, and development agreements, Colin brings a wealth of knowledge and strategic insight to the role.
Colin specialises in the sale and purchase of commercial properties, as well as commercial and retail leasing, complex property matters, and development agreements. His deep understanding of the property sector allows him to provide clients with tailored, commercially sound solutions that mitigate risks and maximise opportunities.
Having worked both interstate and internationally, Colin’s diverse experience spans private practice and in-house roles, advising a broad range of clients from SMEs to multinational corporations. His ability to see matters from multiple perspectives enables him to deliver pragmatic and effective commercial solutions.
Colin McCaul (left) and Andrew Boer (right)
Andrew Boer, fellow Practice Leader in Moores’ Property Team, said, “Colin’s appointment is an expression of Moores’ commitment to providing strategic, client-focused legal services. We have seen steady growth in the demand for commercial property expertise in recent years, and Colin’s unique experience, along with his client-focused approach, will enable Moores to deliver the best possible outcomes for our clients. His ability to understand complex property issues from multiple perspectives, coupled with his practical, commercially sound solutions, positions him perfectly to lead our Commercial Property Team through the increasingly dynamic and evolving landscape of commercial property law.”
“Moores gives me the opportunity to work with and learn from clients that share our values and approach to achieving the best strategic and commercial outcomes,” said Colin. “I look forward to leading the Commercial Property Team and continuing to deliver exceptional service to our clients.”
The firm welcomes Colin to his new leadership role and looks forward to the continued growth and success.
To find out more, please do not hesitate to contact us.
As you may have picked up in recent media, the Victorian Government has passed new legislation which will, over time, replace transfer (stamp) duty with a new tax scheme for commercial and industrial properties – the Commercial and Industrial Property Tax (‘CIPT’) scheme.
The Commercial and Industrial Property Tax Reform Act 2024 (Vic) (‘CIPT Act’) came into effect from 1 July 2024 and affects all contracts of sale for commercial and industrial property which are signed and settled after 1 July 2024.
Read on to find out the key facts which organisations need to know about the new scheme.
CIPT will be an annual payment in addition to existing rates and taxes on the land. The rate of CIPT will be equal to 1% of the unimproved value of the land. CIPT will apply:
CIPT will commence to be payable by the owner of the land at the time when the 10-year transition period expires.
‘Qualifying Use’ is defined in the CIPT Act as a property which:
These codes will be displayed on the property’s council rates statement, or a land tax clearance certificate provided by the State Revenue Office.
Properties with a mixed use will be within the CIPT net where the property is used primarily for a Qualifying Use.
Properties with a Qualifying Use will enter the CIPT scheme where one of the following four property dealings occurs after 30 June 2024:
Importantly for organisations with non-profit status, the sale of land with a Qualifying Use is not an entry transaction where the sale is exempt from duty pursuant to the Duties Act 2000. For example, where a charitable entity purchases land with a qualifying use and is entitled to an exemption from transfer duty, that purchase is not an entry transaction and therefore will not trigger entry into the CIPT scheme.
The following process will apply to any sale of land with a Qualifying Use where the contract of sale was signed after 1 July 2024 and no exemption is available:
Importantly, vendors cannot adjust CIPT under the contract of sale or otherwise make the purchaser liable to reimburse the vendor for any CIPT liability, except where the sale price exceeds the ‘high value threshold’ (currently set at $10 million).
Landlords also must not require any residential or retail tenants (as defined by the Residential Tenancies Act 1997 and Retail Leases Act 2003 respectively) from paying or reimbursing the CIPT. However, there is no restriction from recovering CIPT from non-retail commercial tenants.
The Victorian Government is offering transitional loan schemes to finance the payment of transfer duty on the Entry Transaction. This is an optional program to allow purchasers to spread out the cost of transfer duty over a 10 year period at a fixed interest rate.
The loan will be secured with a statutory charge over the property and must be repaid over the 10 years following settlement (i.e. the transition period).
If, during the transition period, the property ceases to be used for a qualifying use (e.g. it is redeveloped into residential premises), no CIPT will be payable. However, the next sale of the property will be subject to the usual transfer duty.
If the transition loan scheme applies to the property, the loan must be repaid immediately upon the change of use or sale of the property.
CIPT is chargeable on land which, at 31 December in the preceding year:
Therefore, properties which qualify for an exemption from land tax (such as properties used and occupied exclusively for charitable purposes) will also receive an exemption from paying CIPT.
The Commercial Real Estate team at Moores has extensive experience in all types of property dealings and can provide tailored advice on how CIPT may impact on your organisation’s properties.
Please contact us for more detailed and tailored help.
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Disclaimer: This article provides general information only and is not intended to constitute legal advice. You should seek legal advice regarding the application of the law to you or your organisation.