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Are you overpaying land tax?

26 July 2019

Are you overpaying land tax based on out of date council valuations?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.

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Duties Trap for Property Developers – Economic entitlement rules now law

20 June 2019

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.

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congratulations

Rigby Cooke Lawyer recently acted for Stronghold Investment Management on its acquisition of the Cardinia Club

28 May 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.

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Important changes to the Real Estate Industry Award – is your agency compliant?

21 May 2018

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.

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GST withholding changes introduced to combat phoenixing practices in property development

10 April 2018

New laws have been passed affecting the GST obligations of property developers. These laws take effect from 1 July 2018, but may affect contracts entered into prior to this date.

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Landmark Royce Hotel sale settles into safe hands of Melbourne hotelier and pub owner

18 February 2018

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.

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Residential Tenancies Act 1997

Update – Residential Tenancies Act Reform

22 January 2018

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.

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congratulations

A win for regional Victoria: Increase to First Home Owner Grant on its way

03 March 2017

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.

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off-the-plan

Can you on-sell your off-the-plan purchase before your own settlement?

21 October 2016

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’.

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retail leases

Retail Leases Act – Reminder expiry clauses

05 September 2016

This is a timely reminder for both landlords and tenants of retail leases that pursuant to the legislation (Retail Leases Act 2003 Vic),

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terms

To agree or not to agree

05 September 2016

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.

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Partitioning land and bare trusts

31 August 2016

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.

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Foreign property transactions

Foreign property transactions to be hit with additional expenses

19 June 2016

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.

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Capital Gains Tax

New foreign resident capital gains withholding payments regime

09 May 2016

Quick facts:

  • From 1 July 2016, any purchaser who acquires an Australian property with value of $2 million or more from a foreign resident vendor will be required to withhold and pay 10% of the purchase price to the Australian Taxation Office (ATO).
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