Author: Tom Wood

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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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 […]

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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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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 […]

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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 […]

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10 March 2016

Agent’s Commissions – Cross the t’s and dot the i’s or else!

I was very interested in the result of a recent court appeal by a Bribie Island home seller, Michael Millar. The agent who introduced the ultimate buyer to the property was ordered to refund to the seller a commission of $7,700.00. The setup On 1 December 2014, the infamous Property Agents and Motor Dealers Act […]

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20 January 2016

Property Acquisition in Queensland – Part 2

Last week FC Lawyers posted Part One of the Two Part series on Property Acquisition in Queensland. The following is Part Two of the blog post, however if you would like to read Property Acquisition in Queensland Part One, please click here. Below is an overview of the remaining steps to be taken when buying a property […]

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13 January 2016

Property Acquisition in Queensland – Part 1

Buying a property is one of the biggest financial decisions we ever make. Once you find the right property, what then? Below is an overview of the steps to be taken when buying a property in Queensland. Please note that this is Part One of Two for Property Acquisition in Queensland and part two of […]

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