Author: Tom Wood

27 October 2016

Purchasing Property as Joint Tenants or Tenants in Common – what is the difference?

I often get blank faces when I ask clients whether they are purchasing their property as joint tenants or tenants in common. However, you cannot avoid this question if you are looking to buy property with another person; whether they are your spouse, family members, friend or business partner. Understanding the difference between joint tenants […]

» Read More

22 September 2016

Retail Shop Lease Landlords and Tenants – Changes coming from 25 November

A business’s lease is often crucial to the success of the business. For landlords, compliance with retail lease legislation is important for the validity of the lease and therefore the value of the building. Queensland State Parliament has passed legislation amending the Retail Shop Leases Act 1994 (Qld) (the “Act”). These changes will take effect […]

» Read More

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 […]

» Read More

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 […]

» Read More

6 September 2016

Foreign buyers look out – From 1 October 2016 you will pay a big increase to Transfer Duty

The Queensland Treasurer has announced that from 1 October 2016, foreign buyers will pay substantial additional transfer duty for purchases of residential real estate in Queensland. The increase is 3% of the value or price paid, which is roughly a doubling of the amount of duty which must be paid. The increase in duty also […]

» Read More

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 […]

» Read More

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 […]

» Read More

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 […]

» Read More

6 April 2016

How you can lose your property sale

Much has been written in recent times about the ability of auction bidders, who after winning an auction bid have a change of heart. Some “experts” have suggested that they should refuse to sign a Contract and walk away. In my view this is dangerous advice because in most parts of Australia auctioneers may be […]

» Read More

24 March 2016

Landlord Promises – Don’t get caught out!

What are pre-lease landlord promises and what can happen? Promises made by landlords and leasing agents during lease negotiations can later provide a tenant with legal rights, even if the promise did not form part of the actual lease document. The landlord can later be forced to deliver on the promise or be liable to […]

» Read More

Connect with us