Legal Insights
Stamp duty exemption - transfer from discretionary trust to beneficiary
Ordinarily, land transfer duty (stamp duty) is paid by the transferee at the time of the transfer of dutiable property, such as real property, unless an exemption to stamp duty is applicable.
Licence lending – protecting your rights in domestic building contracts
Purchasing or building a new home is often said to be the largest financial commitment an individual or a couple will make in their lifetime. People will take on substantial mortgages in order to build their dream homes or investment properties. Therefore, it is extremely important that you ensure the legal goalposts are set from the beginning and understood by all parties, before signing on the dotted line.
Purchasers Beware – Duty is Now Payable on Late Settlement Interest
If settlement is delayed by the purchaser, through no fault of the Vendor, then interest can be payable by the Purchaser in accordance with the terms of the contract of sale of land (Late Settlement Interest). Late Settlement Interest is normally calculated at 12% per annum of the purchase price.
BIG4 Beacon Resort
Harwood Andrews is pleased to have advised the owners of the BIG4 Beacon Resort on the off-market sale of the business to Ingenia Communities group (ASX: INA) for $37m.
Recalcitrant tenants take advantage of jurisdictional blackhole – watch this space.
As confirmed by the High Court’s decision in Burns v Corbett [2018] HCA 15, state tribunals, such as VCAT, do not have the jurisdiction to hear disputes between interstate parties.
New COVID-19 Commercial Tenancy Relief Scheme
The Commercial Tenancy Relief Scheme Regulations 2021 (Regulations) were introduced by the Victorian Government on 24 August 2021 aimed at providing further rent relief for Commercial Tenants as a result of the ongoing COVID-19 pandemic. A copy of the Regulations can be found HERE.
New Residential Tenancy laws in Victoria and Buyer Beware for Purchasing property subject to Lease
Due to the COVID-19 pandemic, residential landlords have been riding the wave of rent reduction, rent freezing, mortgage freezing as well as a hiatus on eviction notices (with a few exceptions). On top of this, the Victorian Government has set up a system of new rental rules and requirements.
Changes to Land transfer (Stamp) duty in Victoria from 25 November 2020
The Victorian State Budget for the 2020-21 year has a focus on “people” and economic stimulus in order to assist the economy recover from the Covid-19 pandemic lockdowns.
The budget focused on promoting investment into housing and planning, rebuilding the state and its economy.
COVID-19 – changes to foreign investment review regime
On 29 March 2020 the Federal Government announced changes to the foreign investment review regime as Australia continues to deal with the economic implications of COVID-19.
Once the legislation is passed, effective from 29 March 2020, all proposed foreign investment into Australia subject to the Foreign Acquisitions and Takeovers Act 1975 will require approval.
Changes to the Retail Leases Act: how will you be affected as tenant or landlord?
The Retail Leases Amendment Bill (Bill) proposes reforms to the Retail Leases Act (Act) in an effort to make retail leases fairer and easier to understand.
Victorian Farmers, will changes to retail leasing apply to you?
In some circumstances farm leases will be outside the scope of The Retail Leases Act (Act) following a determination by the Minister for Small Business, exempting farm leases from the Act, effective from 29 October 2019.
![Owners Corporation 1 Plan No PS543073S and Ors v Eastrise Constructions Pty Ltd [2019] VCAT 1639](https://images.squarespace-cdn.com/content/v1/62940022bdc06b31c5ba0c30/1656478171246-GT50AEJSQPYQSSC7KP4I/Building+Construction.jpg)
Owners Corporation 1 Plan No PS543073S and Ors v Eastrise Constructions Pty Ltd [2019] VCAT 1639
In Owners Corporation 1 Plan No PS543073S & ors v Eastrise Constructions Pty Ltd [2019] VCAT 1639 (Eastrise), the Victorian Civil and Administrative Tribunal (VCAT) has handed down an important decision in the context of expiring actions against builders pursuant to the Building Act 1995 (Vic) (Building Act).
Planning your business sale: Getting the sale structure right
You have made the decision to sell your company or business. But ask yourself, what is it that you are selling? Is it the shares in the company or is it the underlying assets and/or business? Where is the underlying value in the business that will attract potential buyers?
Planning Your Business Sale: 3 ways a lawyer can add value
Lawyers are often the butt of jokes when it comes to how expensive we are. We get it. But if you are engaging a lawyer to sell (or buy) a business, the right lawyer can add value to your bottom line.
2019 State Budget: Economic entitlement provisions expanded
Landholder duty is a state tax that was introduced to impose duty on acquisitions in landholding entities.
The ‘economic entitlement’ provisions of the landholder regime are an integrity measure unique to Victoria. Previously, they applied duty to transactions which provide the acquirer with an economic entitlement that amounts to an interest of 50% or more in a private landholder. This specifically impacts arrangements where developers or builders agree with a landholder to receive 50% or more of the profits or income of a landholder’s land without actually acquiring an interest in the landholding entity.
Surprise Election result – where to for tax policy?
The Coalition’s ‘miracle’ win may not have been foreseen by the polls or the pundits, however either way the votes fell, the tax and superannuation landscape was up for change.
Land Tax Assessments and Objections
Many homeowners are currently feeling the sting of the bearish turn the property market has taken, and the Victorian State Revenue Office (SRO) are rubbing salt in the wounds as they issue significantly increased land tax assessments.
Sharing is caring – Tomaras and the substitution of tax debtors
Marriage can be a beautiful bond between two people. A promise between the two to join their lives. Their souls….
…and all of their tax debts!
New Requirements for Land Sales and Developers
The new financial year will bring in a number of changes to the property industry. Developers need to plan for these changes to ensure compliance and avoid any delays or other adverse implications once the amendments take effect.
Property Development - Topical Tax And Commercial Issues
Harwood Andrews recently held an event at the Geelong Library titled Property development - topical tax and commercial issues.