Profit from the development and sale of a commercial property by a private family group found to be on capital account
The Administrative Appeals Tribunal (AAT) recently held in FLZY and Commissioner of Taxation that profit arising from the sale of a building by a family trust that was part of a privately held family group (Group) gave rise to a discount capital gain despite the wider property building, development and investment activities undertaken by the Group. The decision demonstrates the importance of considering a taxpayer’s purpose and intention when acquiring and developing real estate within the broader factual context of the activities undertaken by a taxpayer and any related entities.
Finalising a Property Settlement Agreement
Separating from your partner can be a painful and disruptive time. While many separated couples may want to distance themselves from each other, it is important to organise arrangements for your children (if you have them) and the division of your property.
Harwood Andrews Appointed To The Victorian Government Legal Services Panel
Harwood Andrews has been appointed as one of only 23 law firms to the new Victorian Government Legal Services Panel. Appointed to the panels for Property and Planning and Environment, Harwood Andrews is the only regional firm represented on the panel.
Common Owners Corporation rule declared invalid
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.
VCAT opinion restricts recovery by landlords of costs of essential safety measures and repairs and maintenance
On 1 May 2015, the President of the Victorian Civil Administrative Tribunal (VCAT) issued an advisory opinion in response to the Victorian Small Business Commissioner’s request as to whether a landlord of commercial premises can pass on the costs of Essential Safety Measures (ESM) and certain repair and maintenance obligations for retail premises to tenants. The term ESM covers measures prescribed by building law for safety and fire protection.
Subdivision of land in two zones
The Victorian Civil and Administrative Tribunal (VCAT) has clarified the interpretation of the provisions in all planning schemes in Victoria concerning the subdivision of land parcels which are in two planning zones.
Owners Corporation rule too 'vague' according to Tribunal
The Victorian Civil and Administrative Tribunal (VCAT) has found that Owners Corporation special rules purporting to prohibit ‘illegal’ behavior, a relatively common formulation of rule, are unlawful under the legislative regime created by the Owners Corporations Act 2006.
Electronic conveyancing is coming
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.