Author: Tom Wood

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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8 March 2018

Should the lease be registered with the Land Titles Office?

Parties to a commercial lease often rapidly work towards finalising the terms of the lease, having all relevant documents signed and ensuring bank guarantees and insurance are in place – ; so that the tenant can take possession, do any fit out and start paying rent. It is often an after-thought consideration whether or not […]

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14 August 2017

Absentee land tax – changes from 1 July 2017

As of 1 July 2017, a 1.5% land tax surcharge is being imposed by the Queensland Government on absentee land owners. This is known as the absentee land tax. An ‘absentee’ land owner is not just a foreign owner –  it can include Australian citizens who do not ordinarily live or reside in Australia. If […]

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27 July 2017

Protecting yourself when you provide goods on credit

What is the Personal Property Securities Register (PPSR)? The PPSR is a real time online national register on which secured parties such as financiers and suppliers can register their security interests in personal property. A ‘security interest’ is defined in the Personal Property Securities Act 2009 (PPSA) as an interest in personal property that secures […]

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19 July 2017

Foreign Investors – the effect of Budget 2017 changes

Let’s recap on changes which have now taken effect following the latest Federal Budget. The tax increases and charges to foreign buyers are estimated to bring in an extra $600 million for the government over the next 4 years. Buyers and sellers need to be on their toes in order to comply with the changes. […]

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13 July 2017

Disclosure Statements for unit or townhouse conveyancing – is it just a whole lot of useless paperwork?

Well, it is more paperwork… but it is important! Queensland legislation requires sellers of units to disclose certain matters to buyers. The amount of disclosure that is required will depend on whether the property you are purchasing is completed, or if it is to be completed at some stage after the contract has been signed. […]

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7 July 2017

Selling or buying for $750K+ – ATO Clearance certificate now required

What’s the change? Last year, the Australian Taxation office brought in new requirements for property sellers to assist with the collection of foreign resident’s tax liabilities. On 1 July 2017, the requirements changed so that more sellers are required to obtain clearance certificates prior to settlement. Do I need an ATO Clearance certificate? Only if […]

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13 June 2017

Why do I have to get insurance for my property before it settles?

When you sign a contract to purchase a house or unit, one of the first things your solicitor will tell you to do is – take out insurance. But what kind of insurance do you need? And why is it so important? It is easy to think – After all, I don’t own the property […]

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6 June 2017

Do I have to pay a body corporate special levy charged on the unit I am buying?

What is a body corporate special levy? The normal body corporate levies payable by unit owners are the Administrative Fund levies for the everyday running costs of the body corporate, and the Sinking Fund levies which are saved for future capital works on the building which comprises the Community Titles Scheme. To use business terminology, […]

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22 May 2017

How do I extend the date for Settlement under my Contract?

In Queensland property conveyancing, dates are crucial and essential terms of the contract. In the real world, it is very common for dates to be varied by agreement between the parties. However, there are traps for the unwary! FC Lawyers are experts in smoothly handling extensions and taking the worry out of it. We take […]

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