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 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.
Harwood Andrews recently held an event at the Geelong Library titled Property development - topical tax and commercial issues.
There have been many recent changes in the way that conveyancing is completed for the sale and purchase of property, with property transactions now being handled in the digital environment.
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.
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.
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.
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.
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.