Have you ever read something and thought, “I’m not sure what that means” or ‘is that really correct”? Welcome to our series of quickfire interviews that attempt to unravel those interesting words and phrases.
In this edition, we speak to Property Lawyer Biljana Stankovski, who talks to us about the phrase she finds interesting, off-the-plan.
Have you ever read something and thought, “I’m not sure what that means” or ‘is that really correct”? Welcome to our series of quickfire interviews that attempt to unravel those interesting words and phrases.
In this edition, we speak to Property Partner Tim Kelly, who talks to us about the phrase he finds interesting, Caveat emptor.
Further to our previous alerts, the Commercial Tenancy Relief Scheme is now extended to cover the period from 16 January 2022 to 15 March 2022.
The Windfall Gains Tax and State Taxation and Other Acts Further Amendment Act 2021 (the Act) received Royal Assent on 30 November 2021.
Have you ever read something and thought, “I’m not sure what that means” or ‘is that really correct”? Welcome to our series of quickfire interviews that attempt to unravel those interesting words and phrases.
In this edition, we speak to Property Senior Associate, Huimin Seetoh who talks to us about the word she finds interesting, “merge”.
During the 2021 Victorian State Budget, the Government announced that it would introduce a ‘windfall gains tax’ (WGT) that would apply to large windfall gains associated with planning decisions to rezone land.
The Victorian government has continued the Commercial Tenancy Rent Relief Scheme Regulations 2021 (the Regulations) by enacting new regulations to account for the extended lockdown experienced by commercial tenants in Victoria.
Further to our previous alerts (see here and here), the Victorian Government has now introduced regulations to accompany the legislation governing the Commercial Tenancy Relief Scheme (CTRS).
Biljana Stankovski is a Lawyer in our Property team.
Biljana shares her goals for the remainder of 2021 and her favourite holiday spot.
Further to our recent alert, the Victorian Government has introduced new legislation regarding the Commercial Tenancy Relief Scheme (CTRS).
On 28 July 2021, the Commonwealth and Victorian Governments presented new recovery packages for small businesses. The new support packages will offer $400 million in support to small businesses to be funded equally between the Commonwealth and Victorian Governments.
The various Property-related tax measures announced in the Victorian State Government Budget will now become law.
The State Taxation and Mental Health Acts Amendment Bill 2021 (the Bill) has passed Victorian Parliament and is currently awaiting Royal Assent.
The Victorian State Government Budget, released on Thursday 20 May 2021, has produced a mixed bag of tax amendments that will affect many taxpayers who own property or are involved in property development.
A recent amendment to the Land Tax Act has abolished “special land tax”. Special land tax was a one off tax charge at the rate of 5% of the unimproved value of the land. The abolition of the tax came into effect from the 16 December 2020.
Huimin Seetoh is a Senior Associate in our Property group.
Angela Foudoulis is a Senior Associate in our Corporate & Commercial group, specialising in commercial property.
Following the announcement made by Treasurer Tim Pallas on 20 August 2020, the Commercial Landlord Hardship Fund (Fund) has been created in recognition of small, private landlords who may not have the capacity to provide rent reductions to their tenants under the requirements of the Commercial Tenancy Relief Scheme (CTRS).
Today, Treasurer Tim Pallas announced that the Victorian Government will extend its moratorium on evictions and rental increases for both residential and commercial tenancies in Victoria until 31 December 2020. There will be some specific exceptions to this rule, the details of which are yet to be identified.
Huimin Seetoh is a newly promoted Senior Associate in our Property group. She practices extensively in sales and acquisition, commercial and retail leasing, property development and other property related matters.
The Victorian Government recently announced a range of tax relief measures in response to COVID-19 to assist landlords and businesses. The State Revenue Office (SRO) has now provided further guidance on these initiatives.
On 1 May 2020 the Victorian Government passed regulations for the COVID-19 Omnibus (Emergency Measures) (Commercial Leases and Licences) Regulations 2020 (the Regulations) giving substance to the National Cabinet Mandatory Code of Conduct (the Code).
Following on from our previous article regarding leasing rights and obligations during the current COVID-19 pandemic (COVID-19), there have been further developments announced by the Federal Government. If you are after a definitive answer, we’re not quite there yet, but we are getting closer. Code
Meet Michael Gough, a Partner in our Property group with over 25 years of experience in commercial and residential property development. Michael has significant expertise in hotel acquisition, development and management agreements, transport infrastructure projects, structuring of significant property transactions and advising on property related taxation issues, property financing, planning and land use advice, and regulatory consents and approvals (including FIRB approvals).
Meet Darren Marx, a Partner in our Property team. Darren advises on all aspects of commercial property development, sales and acquisitions, and commercial and retail leasing. He has a particular focus on off-the-plan developments, hotels, resorts and tourism, retirement village developments and regulatory requirements, and liquor licensing and gaming law.
The current COVID-19 situation brings uncertain and unsettling times.
Rigby Cooke has received several enquiries from landlords and tenants alike regarding their rights and obligations under their lease.
Meet Rigby Cooke’s Property Partner Tim Kelly, who has over 35 years of experience in the sale and purchase of businesses, trusts and company structures, as well as estate and trusts law. Tim shares his career highlights and some thoughts for those just starting out in their legal career.
Although short-stay accommodation is not a new concept, the introduction of AirBnB (also known as ‘AirBed and Breakfast’) and similar short term letting agencies created a worldwide phenomenon resulting in an upsurge in short-stay rentals.
Are you considering purchasing Victorian property through a discretionary trust? Think again, because from 1 March 2020 the State Revenue Office (SRO) will deem all discretionary trusts to constitute foreign purchasers.
The sale of a person’s main residence (ie their home) is generally exempt from capital gains tax. This exemption is ‘carried through’ to beneficiaries or executors of deceased estates who seek to dispose of the deceased’s main residence, where certain conditions are satisfied.
Are you overpaying land tax based on out of date council valuations?
The 2019-2020 Victorian State Budget reported that land tax revenue in 2019-2020 is expected to increase to $3.7 billion. This is a significant increase from the $1.2 billion raised in 2009-2010.
Property developers who enter into agreements to develop Victorian land with an unencumbered value of over $1 million are at significant risk of incurring a duty liability, under new legislation that received Royal Assent on 18 June 2019.
Rigby Cooke Lawyer, led by property partner Darren Marx, recently acted for Stronghold Investment Management on its acquisition of the Cardinia Club from Pakenham Racing Club for $16m. The well established entertainment venue has 105 Electronic Gaming Machines, a large bistro, upmarket sports bar and multiple function rooms. Brisbane based Stronghold is a specialist Business Park and Hospitality sector Fund Manager.
On 2 April 2018 significant changes to the Real Estate Industry Award 2010 (Real Estate Award) made by the Fair Work Commission (FWC) came into effect.
St Kilda’s Royce Hotel has changed hands, with Melbourne pub owner Mazen Tabet and the Tabet Investment Group purchasing the freehold and business for a $55 million purchase price.
The Residential Tenancies Act 1997 (Act) is currently undergoing a significant review as part of the Victorian Government’s extensive Fairer Safer Housing initiative. The proposed amendments contained within the review will have an impact on both caravan and residential park residents and operators.
The Victorian Government announced that it intends to increase the First Home Owner Grant (FHOG) from $10,000 to $20,000 for new homes built in regional Victoria and valued up to $750,000.
NSW case challenges contract restrictions.
In a recent New South Wales case of Fuentes v Bondi Beachside Pty Ltd, Fuentes purchased a unit ‘off the plan’.
This is a timely reminder for both landlords and tenants of retail leases that pursuant to the legislation (Retail Leases Act 2003 Vic),
One of the golden rules when entering into an agreement is to ensure that all the terms are recorded in writing and signed by the relevant parties. As the old saying goes, a verbal agreement is as good as the paper it is written on.
Co-owners of land or parcels of land often wish to exchange ownership interests to become sole owners of specific land or specific parcels of land.
A number of recent changes affecting foreign purchasers of property in Victoria have either come into, or are soon to come into effect. These changes are already impacting on the sale of property.
As you may be aware, there is a Bill (State Taxation and Other Acts Amendment Bill 2016) before the Victorian Parliament that will upon becoming law, have the effect of increasing the stamp duty surcharge on the acquisition by foreign purchasers of residential property in Victoria to 7%.
Quick facts:
If you are considering buying a property, it’s important to be aware of the correct procedures for cancelling the contract if that should become necessary. A new Supreme Court ruling that saw a purchaser forfeit their deposit and pay damages sets a new precedent that all agents and buyers should follow.
In structuring 30 June transactions it is often desirable to sign a contract before 30 June, but defer payment of capital gains tax (CGT) or the CGT event until a subsequent income year; particularly where settlement is deferred to a subsequent income year so there are no sale proceeds for the vendor to pay the tax or it is desired to set-off losses in the subsequent income year.
