The Canberra Times informs us that complicated house and land packaging are set to cost the ACT Government millions after a Crace couple had a win in the ACT Civil and Administrative Tribunal arguing that stamp duty should only be levied on the value of the land.
Now the ACT Commissioner for Revenue is assessing the impact of the ruling on thousands of Canberra homebuyers who have bought land and built houses on it in the past few years.
The Government will not say if it plans to appeal the decision, but other buyers of properties in the same Crace development are preparing to launch legal action of their own.
M’learned friends, start your engines.