Property & Projects Archives

Property & Projects

17 December, 2024

Changes to the Foreign Resident Capital Gains Withholding Regime

Changes to the foreign resident capital gains withholding (FRCGW) regime are effective on and from 1 January 2025. All parties to a real property transaction in Australia must ensure timely compliance with the changes. Application The changes apply to all acquisitions occurring on or after 1 January 2025. An acquisition…

Victoria Caldwell

Development Property & Projects

18 November, 2024

The newly introduced Property Developers Act 2024 (ACT)

Introduction The recent introduction of the Property Developers Act 2024 (ACT) (the Act) will change the landscape of residential property development in the Australian Capital Territory. This article provides an overview of the most pertinent provisions and legislative effect. Commencement of the Act The Act has a staggered commencement. Provisions…

Victoria Caldwell

Construction Property & Projects

4 November, 2024

Strata Building Bond Increase Delayed to 1 July 2025

Strata Schemes Management Amendment (Strata Bond) Regulation 2024 (NSW) The increase to the strata building bond from 2% to 3% has been delayed for the fourth time. This article recaps what is a strata building bond, explains when it will not take force and why the delay has occurred. Recap…

nicole

Property & Projects

24 October, 2024

Upcoming mandatory disclosure regime in Queensland land contracts

From 1 August 2025, a seller of land in Queensland must comply with the pre-contract disclosure regime, unless an exemption applies. This is a significant change arising out of the Property Law Act 2023 (Qld) (Act) which received royal assent on 2 November 2023 but was only proclaimed to commence…

nicole

Property & Projects

26 September, 2024

Change To Duties Lodgement Rules Affecting Transaction Timeframes

Summary of change From 8 October 2024 (Effective Date), an agreement or contract for sale of land with a dutiable value of $20 million or more must be submitted directly to Revenue NSW via the eDuties portal for assessment. This change applies to both residential and non-residential property transactions lodged…

Victoria Caldwell

Development Property & Projects

13 September, 2024

Will TOD Make it on its Own?

Introduction The Transported Oriented Development (TOD) Program and the Low and Mid-Rise Housing (LMR) Program (Programs) and the concept of a focus on accelerated precincts arose from a consideration of not just trying to increase housing, but an endeavour to increase housing where opportunities exist and where they don’t exist…

Victoria Caldwell

Property & Projects

26 July, 2024

Ways to “end” a strata scheme

Mascot Towers case study on termination of strata scheme and collective sale Introduction Once a strata scheme is created on registration of the strata plan, an owners corporation will only be able to “end” the strata scheme in limited circumstances. The Mascot Towers is a “cautionary tale” of what owners…

Victoria Caldwell

Property & Projects

10 July, 2024

Liquidators Should Be Aware Of Strata Levies

The effect of strata levies on a winding up A liquidator has the power to sell all or any part of the property of a company to which the liquidator is appointed under section 477(2) of the Corporations Act 2001 (Cth) (Corporations Act). When the court appoints a liquidator to…

Victoria Caldwell

Development Property & Projects

14 June, 2024

Transport Oriented Development Program – One Month Later

Introduction It has been a month since the commencement of Tier 2 of the Transport Oriented Development Program (TOD) and stakeholders have had months prior to consider the TOD’s relevant planning policy, the TOD Tier 1 and the Low to Mid Rise Housing Initiative (LMR) (collectively the Programs). This article…

Victoria Caldwell

Property & Projects

13 June, 2024

Leases and licences under the Foreign Acquisitions and Takeovers Act 1975 (Cth) – an analysis of commonly mistaken concepts

Acquisitions in an ‘interest in Australian land’ by a foreign person may be conditional on the Treasurer issuing a no-objection notification (FIRB Approval). Interest as lessee or licensee (Tenant Co) in a lease or licence giving rights to occupy Australian land may be considered as an ‘interest in Australian land’…

Victoria Caldwell

Property & Projects

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