Author: Nick Casey

28 September 2018

State Government valuations of your property – not always black and white

Statutory land valuations are the basis for the calculation of: Land tax Council rates State leasehold rents. How are the valuations decided? Generally: All land is valued based on a freehold value, even if it is leasehold. Each legal Lot is valued, although the Valuer-General also has the power to declare particular parts of a […]

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20 August 2018

SMSF news – update on the ‘sole purpose test’ in the Aussiegolfa case

Last week the full Federal Court handed down its decision in Aussiegolfa Pty Ltd (Trustee) v Commissioner of Taxation [2018] FCAFC 122, a case concerning the in-house asset rule and sole purpose test for SMSFs. Nick Casey has discussed the implications of this below. What is the in-house asset rule and the sole purpose test? […]

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11 May 2018

2018-19 budget – what tax deductions & concessions are out the door?

The only thing certain in life is death and taxes – so what is set to change? Some of the key changes from the 2018-19 budget that may affect our clients are listed below. Tax deductions on vacant land – better start that build From 1 July 2019, taxpayers will not be able to claim […]

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12 March 2018

GST Withholding on Residential Property Development

In the 2017 budget, the Federal government announced a new GST withholding regime to be applied to all residential developments. Draft legislation was released late 2017 providing a glimpse into some significant changes for developers (in particular) and buyers alike. GST on residential property sales – the current situation Sales of new residential properties (i.e. […]

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24 January 2017

Call Options, Put Options – What are Option Agreements?

Option Agreements, also referred to as buy/sell agreements or put and call option agreements, provide a party with the right, but not a definite obligation to buy a property or asset. They have a wide variety of uses, including for real property, businesses or business assets and as tools for succession planning. This article focuses […]

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13 September 2016

Trustee Resolutions – Tips and Traps

The trustee of a trust or superannuation fund must document certain decisions. This obligation arises under their trust or superannuation fund deed, or because of trust, superannuation or tax legislation. Unfortunately, it is often the case that even basic decisions are not appropriately documented. This can have disastrous legal and financial consequences that are not […]

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8 September 2016

Special Conditions and certainty – not so straight forward

I often see people assuming that conveyancing contracts are all standard and everything will work out fine. It is only when things go wrong and everyone is running for the exits that the paperwork suddenly assumes central importance. Special conditions and contract law have developed over hundreds of years, and the basic principles are good […]

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15 July 2016

SMSF Alert – Related party transactions and payroll tax grouping

Key points of this article A recent Queensland Supreme Court decision means that self-managed superannuation funds (“SMSFs”) with related party dealings can potentially be grouped for payroll tax purposes. This has potentially significant consequences for anyone using SMSF as an asset protection strategy when assets are related to a business If a SMSF is grouped with […]

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11 May 2016

Buying property with a Self-managed superannuation fund (SMSF) – what is a limited recourse borrowing arrangement?

Borrowing money to buy property through an SMSF is not new, but is often not well understood. Where an SMSF borrows to buy property, it must be done through what is known as a ‘limited recourse borrowing arrangement’. What is a Limited Recourse Borrowing Arrangement? A SMSF is prohibited from borrowing money and granting security […]

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28 April 2016

‘Non-refundable’ deposits and instalment contracts – the devil in the detail

In some contracts, a deposit paid by a Buyer is expressed to be ‘non-refundable’. A ‘non-refundable’ deposit can make a contract an instalment contract with unintended consequences. What is an Instalment contract? In most land contracts in Queensland, the Buyer will pay a deposit that is held by the ‘stakeholder’ (usually the agent or Seller’s […]

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