From Stamp Duty to Tax: Major reform to stamp duty following the 2023-24 Victorian State Budget

On Tuesday 23 May 2023 the Victorian Treasurer, Tim Pallas, delivered the 2023-24 State Budget announcing a landmark reform to abolish stamp duty for commercial and industrial properties and introduce a new annual property tax. These changes are expected to take effect from 1 July 2024. Stamp duty to be [...]

2023-05-26T15:01:36+10:00May 26th, 2023|Categories: Commercial, Property, Taxation|Tags: , , |

VCAT decision provides clarity for retail landlords and tenants: Beware of mixed rent review clauses

VCAT’s recent decision in Q St Kilda Tenancy Pty Ltd v Kane (Building and Property) [2023] 75 provides helpful guidance for retail landlords and tenants concerning rent reviews and the operation of section 35(2) of the Retail Leases Act 2003 (Vic) (RLA). This case concerned the lease of a serviced [...]

2023-04-20T11:07:24+10:00April 20th, 2023|Categories: Litigation, Property|Tags: , |

Hands off my deposit… at least for now: creative special condition modifying the operation of statutory deposit release rules deemed void

Vendors in real estate transactions are motivated to have their deposits released as early as possible. This motivation is particularly strong in relation to sales of high-value development sites, which are often sold on terms where settlement may be scheduled many years into the future. A recent decision of the [...]

2023-01-19T11:45:33+11:00January 19th, 2023|Categories: Litigation, Property|Tags: , , |

Retail tenant obtains injunction, preventing landlord from terminating lease and subdividing premises pursuant to demolition clause

A recent VCAT decision[1] provides helpful guidance for landlords, tenants and developers about the ability of landlords to rely on demolition clauses to terminate retail leases. What is a ‘demolition clause’? A demolition clause is a clause permitting a landlord to terminate a lease prior to the expiry its term [...]

2022-09-06T16:12:17+10:00September 6th, 2022|Categories: Property|Tags: |

Can a director of a building company be personally liable for misleading or deceptive conduct by failing to obtain domestic building insurance?

Domestic building insurance covers building owners for costs incurred in rectifying structural defects for up to six years and non-structural defects for up to two years to a maximum of $300,000 in the event a builder dies, disappears or becomes insolvent. This form of insurance must be provided by a [...]

2022-08-12T16:56:53+10:00August 12th, 2022|Categories: Property|Tags: , |

Is an owner obligated to give a builder an opportunity to rectify defective building works?

It’s an unfortunate reality. A homeowner engages a builder to construct or renovate a home. A developer engages a builder to construct one or more homes, and then sells them. In either case, the owner/purchaser is susceptible to having to deal with defective building works. Sometimes the relationship can sour, [...]

2021-09-22T11:37:26+10:00September 22nd, 2021|Categories: Property, Uncategorized|Tags: |

Re-introduction of commercial tenancies rent relief scheme: Victorian Government passes Commercial Tenancy Relief Scheme Act 2021 and finalises new Regulations

Further to our previous update, the Commercial Tenancy Relief Scheme Act 2021 (‘New Act’) received royal assent by the Victorian Government on 6 August 2021 and the Commercial Tenancy Relief Scheme Regulations (‘Regulations’) were released on 24 August 2021. The Regulations The Regulations operate from 28 July 2021 through to 15 January 2022.[1] The aim of these [...]

2021-09-01T16:57:31+10:00August 30th, 2021|Categories: Property|Tags: , |

An expensive lesson: prospective purchasers lose $168,000 deposit after failing to comply with subject to finance clause

Buying a property can be one of the biggest and most important transactions you make during your lifetime and it is important you seek professional advice to protect your interests.     A decision of the Victorian Supreme Court[1] handed down on 5 August 2021 demonstrates the potentially disastrous consequences when a subject [...]

2021-08-12T16:55:03+10:00August 12th, 2021|Categories: Litigation, Property|Tags: |

Living in a ‘material’ world: off-the-plan purchasers score convincing win over apartment developer in s 9AC(2) case

A decision of the Victorian Supreme Court[1] handed down on 9 August 2021 has highlighted the rights of off-the-plan purchasers to rescind contracts pursuant to s 9AC(2) of the Sale of Land Act 1962 (Act) when changes are made to the proposed plan of subdivision after the contract is signed and [...]

2021-08-12T11:27:16+10:00August 11th, 2021|Categories: Litigation, Property|Tags: |

Victorian Government reintroduces commercial tenancy rent relief scheme

On Wednesday the Victorian Government announced by press release that it was reintroducing the commercial tenancy rent relief scheme which operated from May to December of last year.  That scheme permitted JobKeeper employers with turnover of less than $50 million to seek rent relief from their landlords proportionate to their [...]

2021-07-30T11:25:44+10:00July 30th, 2021|Categories: Property|Tags: , |
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