Category: Property

Are you overpaying land tax based on out of date council valuations?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

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.

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.

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).