Your ‘main residence’ (your home) is generally exempt from Capital Gains Tax (CGT). To be entitled, the property must have a dwelling on it and you must have lived in it. Proposed new legislation affecting foreign owners Currently, if you are a foreign resident, you are entitled to the main residence exemption in the same
A recent decision in NSW has made it for difficult for body corporates to stop apartment owners from renting out their property on Airbnb. In the case of Estens v Owners Corporation SP 11825  NSWCATCD 52, the NSW Civil and Administrative Tribunal found that body corporate by-laws which prohibit short term letting breached the
Client’s often come to me asking me to draft up or review their commercial property purchase or sale contract. The first thing they will tell me is the price, and the first question I ask is ‘plus or including GST?’ Whilst a lot of the time the GST Exemption for a Going Concern applies, it
Before you are 18 years old, you cannot drink alcohol or vote in public elections. But does the law allow you to buy residential or commercial real estate? Signing a Contract under-aged In Queensland, the Property Law Act 1974 (Qld) provides that a buyer of property in Queensland is presumed to be – At least
In the 2017 budget, the Federal government announced a new GST withholding regime to be applied to all residential developments. Draft legislation was released late 2017 providing a glimpse into some significant changes for developers (in particular) and buyers alike. GST on residential property sales – the current situation Sales of new residential properties (i.e.
As of 1 July 2017, a 1.5% land tax surcharge is being imposed by the Queensland Government on absentee land owners. An ‘absentee’ land owner is not just a foreign owner – it can include Australian citizens who do not ordinarily live or reside in Australia. If you are living or working overseas, and are
Let’s recap on changes which have now taken effect following the latest Federal Budget. The tax increases and charges to foreign buyers are estimated to bring in an extra $600 million for the government over the next 4 years. Buyers and sellers need to be on their toes in order to comply with the changes.
Well, it is more paperwork… but it is important! Queensland legislation requires sellers of units to disclose certain matters to buyers. The amount of disclosure that is required will depend on whether the property you are purchasing is completed, or if it is to be completed at some stage after the contract has been signed.
What’s the change? Last year, the Australian Taxation office brought in new requirements for property sellers to assist with the collection of foreign resident’s tax liabilities. On 1 July 2017, the requirements changed so that more sellers are required to obtain clearance certificates prior to settlement. Do I need an ATO Clearance certificate? Only if
When you sign a contract to purchase a house or unit, one of the first things your solicitor will tell you to do is – take out insurance. But what kind of insurance do you need? And why is it so important? It is easy to think – After all, I don’t own the property