The industry came very close to Victoria imposing stamp duty on village ILU transactions, at an average increased cost of $20,000 per ILU, a move that was feared would then flow to other states. The RVA stepped in quickly on behalf of members to convince the Treasurer to exempt villages from the Duties Amendment Bill 2008. The RVA rallied both legal services and the combined experience of RVA members to establish the industry case, working with the Department of Finance and Treasury to establish the implications on the industry and the ageing community long term.
If the RVA had failed the impact on all villages would have been dramatic, beyond ILU sales. Village valuations would have been hit, with the knock on impact on village loan facilities.
