Property & Projects Archives - Page 3 of 9

Property & Projects

9 October, 2023

Forfeiture of lease and relief for sublessees

A summary of Synergy Scaffolding Holdings Pty Ltd v Goodman Funds Management Australia Limited as trustee for GAI1 RPF Subtrust of the Hayesbery NSWSC 538 In this Supreme Court of New South Wales decision, the Summons filed by the Plaintiffs, the sublessees, in respect of relief sought against forfeiture of…

Vincent Young

Property & Projects

6 October, 2023

Increase in Property Related Duties – A further revenue hit

The release of the 2023-24 budget by NSW Treasurer Daniel Mookhey on September 19, 2023, marked a significant turning point in the fiscal landscape of the state projected to yield a substantial increase in revenue, estimated at nearly $1 billion over the next four years. In this article we focus…

Vincent Young

Property & Projects

22 September, 2023

Overview On Incentive Clawbacks

The effectiveness of incentive clawback provisions, whilst common in commercial leasing transactions, continues to be uncertain. Perhaps it is time to consider alternatives. See details below. Some recent cases In brief summary: Courts are open to interpreting an incentive clawback clause as potentially not being a penalty where it gives…

Vincent Young

Construction Property & Projects

14 September, 2023

Landmark Legislation Passed: Housing Australia Future Fund (HAFF) to Transform Affordable Housing Landscape

In a significant development for the property development sector, the Federal Parliament has today successfully passed the bill establishing the $10 billion Housing Australia Future Fund (HAFF), marking a significant milestone in addressing the nation's housing crisis. This ground-breaking initiative is poised to unlock unprecedented opportunities for property developers and…

Vincent Young

Development Property & Projects

28 August, 2023

What is subdivision of land?

Subdivision of land is defined under the Environmental Planning and Assessment Act 1979 (NSW) as the division of land into two or more parts that, after the division, would be obviously adapted for separate occupation, use or disposition. The division may (but need not) be effected: (a) by conveyance, transfer…

Vincent Young

Construction Development Property & Projects

23 August, 2023

NSW Government Announces Dramatic Planning Re-structure

On Friday 18 August 2023, New South Wales Premier, Chris Minns, unveiled a drastic new portfolio re-structure aimed at tackling energy challenges, climate change, environmental preservation and housing concerns. From 1 January 2024, the Department of Planning and Environment will undergo a strategic division into two new specialised Departments: the…

Vincent Young

Construction Development Property & Projects

4 August, 2023

Minns Labor Government Introduces Housing and Productivity Contribution Scheme

Why the HAPCS? The Minns Labor Government of New South Wales is taking what it believes to be decisive action to address the challenges posed by the State's fast-growing population. With some changes already in place since its taking of Office, the Government has introduced the Housing and Productivity Contribution…

Vincent Young

Construction Development Property & Projects

4 August, 2023

New state government housing tax!

Amid a housing supply and cost of living crisis, NSW Government has changed the Environmental Planning and Assessment Act introducing a new ‘Housing and Productivity Contribution’ that will immediately cost developers thousands. Undoubtedly the additional cost will be funnelled back to the purchasers. From 1 October 2023, the upfront construction…

Brett Vincent

Property & Projects

9 June, 2023

GST on the supply of real property – A reminder

This is a reminder that goods and services tax (GST) does not only apply to the purchase price of real property but also settlement adjustments. Under s9.5 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth) (GST Act), consideration includes: any payment, or any act or forbearance, in…

bluesix

Property & Projects

1 June, 2023

Clawback of incentives remains an issue

The clawback of incentives and their enforceability remains a live issue with the courts treating clawback clauses as a penalty in certain circumstances. This was recently reinforced in Alamdo Holdings Pty Ltd v Croc’s Franchising Pty Ltd (No 2) NSWSC 60 (Alamdo). In the context of commercial leasing, consideration should be given…

bluesix

Property & Projects

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