Property was mistakenly transferred to an unrelated company. Error was found 10 years later, real owners sought exemption to land transfer (stamp) duty. Costs for the responsible law firm pursued, emphasising the importance of due diligence in property transactions.

In a recent VCAT decision of AVC Operations Pty Ltd v Teley Pty Ltd (2018) VCAT 931 it was held that the landlord of a lease governed by the Retail Leases Act (Act) was not entitled to withhold consent to an assignment of a lease of a hotel business on the basis that the incoming tenant (assignee) did not have sufficient financial resources or business experience to meet the lease obligations.

The Victorian Government has announced further changes to stamp duty in Victoria under the 2017-2018 State Budget. 

Subject to the passing of enabling legislation the Victorian Government has announced the following changes to stamp duty and land tax:

Short stay online accommodation services such as Airbnb and Stayz, do not enjoy universal acceptance. The alleged behaviour of some guests have seen attempts to control their activities, with mixed results.

From 1 January 2016 the process of revaluing all Victorian properties commenced. The new values will form the basis upon which you are charged municipal rates and land tax. If you have received a rates notice and disagree with the value assigned to your property you have the right to lodge an objection with council within 2 months of the date stated on the rates notice. 

Register by 1 August 2016 for free testing. 
As part of its Voluntary Purchase and Demolition Program, the NSW Government is currently offering free loose-fill asbestos testing to homeowners in 28 identified NSW local government areas (including Albury City Council and Greater Hume Shire Council). 

Owning property is a big deal. Owning property with another person(s) is an even bigger deal. It is quite common for people who are married or in long term relationships, friends, siblings, or parents and children to pool their savings together to purchase property.

Sale
From 29 April 2016, a vendor selling a property in NSW with a swimming pool or spa pool must include one of the following in the Contract of Sale:

• A valid swimming pool certificate of compliance; or                                                    
• A valid occupation certificate issued under the Environmental Planning and Assessment Act 1979 (NSW) that is less than three years old and authorises the use of the swimming pool;  or
• A valid swimming pool certificate of non-compliance.

From the 9 November 2015 Victoria joins Western Australia and South Australia in requiring the identity of signatories to all documents lodged at the Titles Office, and for those who are given custody of a certificate of title, to be verified.

A recent VCAT decision has clarified the powers of Owners Corporations to regulate short term leasing. It is common for Owners Corporation Rules to restrict certain activities that can be done in a multi-unit complex.

The Tribunal in Heislers v Melbourne Water Corporation [2014] VCAT 1399 ordered that Melbourne Water, as the acquiring authority of a pipeline easement related to the Wonthaggi desalination plant, pay 80% of the claimant’s costs in the proceeding. 

The coming of electronic conveyancing has been touted for over 10 years.  Initially planned to provide an online platform for conveyancing commencing with enquiry with an estate agent to final settlement, the reality is a more modest electronic settlement facility.  It will be the equivalent of the Australian Stock Exchange for property settlements.

Redeveloping your home by subdividing off a building block or demolishing and rebuilding two or more dwellings is a growing trend. Some recent matters we have been involved in show that the potential tax consequences are often overlooked.

When you sell land that you became the owner of on or after 20 September 1985, you must include any capital gain made on the sale as part of your income.