Author: Tom Wood

12 November 2019

Contracts – the fine print

“It’s better to do it now and ask for forgiveness later”. You may have heard this expression. Have you ever wondered how it can turn out? In the Queensland Supreme Court, a recent Court of Appeal decision has slapped down a land buyer who installed solar panels on a house without first getting the seller’s […]

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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. Tom Wood 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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10 May 2018

What is an Easement?

An easement is a legal right that attaches to land or a part of land (the Burdened Land) and allows a benefiting party to use the land in a particular manner. An easement may be granted from the Burdened Land in favour of: Another property, such as allowing a neighbouring property to use part of […]

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10 May 2018

What if I need an easement to be registered on somebody else’s property?

From time to time, it happens that you may need to register an easement on someone else’s property. For example – You might have your services (water, sewerage, electricity, telecommunication etc.) running through a neighbouring property to get to your property; or You might not be able to access the road unless you travel over […]

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26 April 2018

New Protections for Farmers against big Banks

From 1 July 2018, the Farm Business Debt Mediation Act 2017 (Qld) “the Act” will bring about restrictions on mortgagees taking enforcement action under a farm mortgage until parties have conducted mediation. The purpose of the legislation is to provide an efficient and equitable way for farmers and mortgagees to resolve matters relating to farm […]

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23 April 2018

Changes to the CGT Main Residence Exemption

Your ‘main residence’ (your home) is generally exempt from Capital Gains Tax (CGT). To be entitled, the property must have a dwelling on it and you must have lived in it. Proposed new legislation affecting foreign owners Currently, if you are a foreign resident, you are entitled to the main residence exemption in the same […]

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18 April 2018

Can I list my unit on Airbnb?

A recent decision in NSW has made it for difficult for body corporates to stop apartment owners from renting out their property on Airbnb. In the case of Estens v Owners Corporation SP 11825 [2017] NSWCATCD 52, the NSW Civil and Administrative Tribunal found that body corporate by-laws which prohibit short term letting breached the […]

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12 April 2018

Paying GST for the Purchase of Commercial Property

Clients often come to me asking me to draft up or review their commercial property purchase or sale contract. The first thing they will tell me is the price, and the first question I ask is ‘plus or including GST?’ Whilst a lot of the time the GST Exemption for a Going Concern applies, it […]

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