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Land banking and primary production exemption from land tax – are they mutually exclusive?

At first thought, ‘land banking’ and primary production exemption from land tax would appear to be mutually exclusive. A landowner’s intention when land banking is to profit from future sale of its land, which is significantly different to the intention of a landowner that uses its la
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From 1 July 2017 stamp duty will be payable on certain transfers between spouses and domestic partners

The stamp duty exemption on transfers of property is about to change. The Victoria Government pursuant to its 2017 Budget and the introduction of the State Taxation Acts Amendment Bill 2017[1] (the Bill) intends to withdraw the exemption for payment of stamp duty between spouses and d
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Variations to the plan of subdivision – Are you jeopardising your presales?

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Securing presales is a critical aspect of any property development project – but that’s only half the battle. The trick is making sure they settle. Long construction lead times and project delays mean settlement may not occur until up to several years after a purchaser signs a c
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Don’t Risk Not Collecting on Your Performance Bond or Bank Guarantee

As a result of the High Court of Australia’s recent decisionin Simic v New South Wales Land and Housing Corporation [2016] HCA 47, those providing performance bonds or bank guarantees in respect of property-related matters are on notice that if the name of the person to benefit from t
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IMPORTANT ANNOUNCEMENT: Purchaser Purchasing 2million Plus Property From Foreign Vendors After 1 July 2016 Required REQUIRED To Pay 10% Of Sale Price T A.T.O.

The Commonwealth Government have introduced new legislation that received Royal Assent on 25 February 2016 which provides that where a foreign resident disposes of property for over 2 million dollars, 10% of the purchase price is required to be withheld by the purchaser and paid direc
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Foreign Purchasers of Residential Property in Victoria, Australia – Additional Victorian Stamp Dity

INTRODUCTION New legislation has been passed by the Victorian Government which provides that where an interest in a residential property is transferred to a foreign purchaser after 1 July 2015, the foreign purchaser is required to pay an additional duty of 3% of the full contract prop
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FOREIGN PURCHASERS OF RESIDENTIAL PROPERTY IN VICTORIA, AUSTRALIA – ADDITIONAL VICTORIAN STAMP DUTY

INTRODUCTION New legislation has been passed by the Victorian Government which provides that where an interest in a residential property is transferred to a foreign purchaser after 1 July 2015, the foreign purchaser is required to pay an additional duty of 3% of the full contract prop
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IMPORTANT ANNOUNCEMENT: PURCHASER PURCHASING 2MILLION PLUS PROPERTY FROM FOREIGN VENDORS AFTER 1 JULY 2016 REQUIRED TO PAY 10% OF SALE PRICE TO A.T.O.

The Commonwealth Government have introduced new legislation that received Royal Assent on 25 February 2016 which provides that where a foreign resident disposes of property for over 2 million dollars, 10% of the purchase price is required to be withheld by the purchaser and paid direc
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Vendor claims back $3 million in sales commission due to agent’s failure to disclose – The cost of not complying with the Estate Agents Act.

On 31 July 2015, the County Court of Victoria handed down a judgment requiring a real estate agent to refund $3 million in commissions received due to its failure to strictly comply with its disclosure obligations contained in the Estate Agents Act 1980 (the Act). In the case of Cross
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Proposed Changes To Foreign Investment

The Federal Government has recently released an ‘options paper’ setting out numerous proposed changes to the current Australian foreign investment review framework.  One of the proposed changes, which has been met with strong criticism from property development industry groups, is a n
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