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Property & Projects

Changes to the Capital Gains Withholding Rules – What They Are and What They Mean To You Property & Projects
1 August, 2017

Changes to the Capital Gains Withholding Rules – What They Are and What They Mean To You

The Federal Government has reduced the threshold at which a vendor is required to provide a Foreign Resident Capital Gains Clearance Certificate (FRCGCC) to purchasers of real property. The new rules apply to all contracts for sale with a market value over $750,000 (previously $2,000,000) entered into from 1 July…
Victoria Caldwell
NSW Government to impose increased stamp duty and land tax surcharges on foreign persons (including foreign owned developers) DevelopmentProperty & Projects
21 June, 2017

NSW Government to impose increased stamp duty and land tax surcharges on foreign persons (including foreign owned developers)

The NSW Budget Statement (released on 20 June 2017) has provided further details on how the increased stamp duty and land tax surcharges will affect foreign owned developers. To recap, on 1 June 2017, the NSW Government announced its intention to increase the surcharges as such: Summary Foreign owned purchasers…
Victoria Caldwell
Proposed cap on foreign ownership in New Dwelling Exemption Certificates aimed at reducing pressure on housing affordability. Property & Projects
17 May, 2017

Proposed cap on foreign ownership in New Dwelling Exemption Certificates aimed at reducing pressure on housing affordability.

In the 2017-2018 Federal Budget the Government announced several changes aimed at reducing pressure on housing affordability, some of which affect foreign ownership of Australian residential property. The biggest change is the introduction of a cap on foreign ownership in new developments, through a condition on New Dwelling Exemption Certificates…
Victoria Caldwell
Is the Option Fee Treated as Consideration When Calculating GST Under the Margin Scheme? Property & Projects
1 May, 2017

Is the Option Fee Treated as Consideration When Calculating GST Under the Margin Scheme?

In The Trustee for the Whitby Trust v Commissioner of taxation AATA 343 (20 March 2017), the AAT has held that an option fee paid by a developer do not form part of the consideration for acquiring the property for the purposes of calculating GST under the margin scheme in…
Victoria Caldwell
Buyer’s Beware: Is the selling agent an agent for all purposes? – Tan v Russell [2016] VSC 93 Property & Projects
20 February, 2017

Buyer’s Beware: Is the selling agent an agent for all purposes? – Tan v Russell [2016] VSC 93

Legal IssueA recent decision in the Victorian Supreme Court examined whether the Plaintiffs, Tan and Lo, validly exercised their cooling off rights to terminate a contract for sale in circumstances where the notice was served on the vendor’s selling agent.Practical Effect of DecisionThe case illustrates the importance of knowing, prior…
Victoria Caldwell
Developers to be allowed to resell off-the-plan dwellings after failed sales DevelopmentProperty & Projects
21 December, 2016

Developers to be allowed to resell off-the-plan dwellings after failed sales

The Federal Government has announced its intention to pass legislation under the foreign investment framework to allow foreign buyers to purchase an off-the-plan dwelling when another foreign buyer has failed to reach settlement and the contract has been rescinded or terminated.The main legislative issue for developers is what currently constitutes…
Victoria Caldwell
Construction, Property & Projects Insights Issue 5 – November 2016 ConstructionProperty & Projects
1 December, 2016

Construction, Property & Projects Insights Issue 5 – November 2016

In this issue, we look at the following key developments in construction, property & projects law:Security of Payments Goes to the High CourtUnfair Contract Terms in the Construction Industry – You Need to Take ActionNew Strata Laws and Building Bond Regime Set to CommenceLoose Lips Sink Ships – Representations During…
Victoria Caldwell