Categories for Commercial

GST at Settlement Update

9/6/2018
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GST UpdateReview of the GST at settlement measureNow that the GST measure has been operating for 6 weeks the ATO have put together a Process Review Document HEREATO invite interested parties to be part of a Webinar: GST at settlement – Process guidance and common questions – Thursday 6 September  2-3pmThis webinar will focus on the GST at settlement process for purchasers and suppliers. We will also cover some of the issues we have identified with forms received so far and...

Launch of Property Reporting Online service

18/10/2017
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New Commonwealth Government legislation came into effect on 1 July 2017 requiring more information to be provided to the Australian Taxation Office (ATO) when ownership of a property changes. This applies to all buyers and sellers across Australia. The requirements are a COAG initiative to enable the ATO to develop consistent and comparable datasets in the national database, which will reduce tax error and increase tax compliance.   Every state and territory is implementing the data collection in accordance with individual...

Subdivided lot concession-Land Tax Assessment Act 2002

26/9/2017
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Section 43A of the Land Tax Assessment Act 2002provides a concession for the amount of land tax payable on subdivided lots owned at 30 June each year.This concession allows subdividers to pay land tax and metropolitan region improvement tax on the lower undeveloped or englobo value of land holdings, rather than the full subdivided value of lots, for one year after the creation of the lots. The unimproved value of each subdivided lot still held at 30 June immediately preceding the...

Suspect a water leak, How to detect it & what to do…

11/8/2017
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Leaks can be extremely wasteful and costly. Regularly checking taps, pipes and fittings around your property could save precious water and precious money! How can I detect a leak?To conduct a leak detection test yourself, follow these simple steps:Step 1: Ensure no water is being used in your house (turn off all water appliances, such as washing machines and evaporative air conditioners).Step 2: Read the black and red numbers on your meter. Record the black numbers from left to right. The black...

Foreign Investment change

9/6/2017
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New Charge for Foreign Owners for Empty Properties Foreign persons who apply for approval to purchase residential property after 9 May 2017 will face a new annual vacancy charge to be imposed if the property is not occupied for at least six months per year.The charge will be levied annually and will be equivalent to the purchase application fee imposed at the time the property was acquired by the foreign investor.Details of the new charge can be viewed HERE FIRB approval for sale of...

Developers take heed. Update to changes to the Sale of Land Act- means some extra protection for buyers, where property is not yet owned by the developer.

4/5/2017
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Update to e-Bulletin Issue #66On 3 April 2017, the Sale of Land Amendment Act 2016 (the Act) came into effect in Western Australia.  The legislation introduces greater protections for consumers when signing sales contracts for land that is not yet owned by the developer.  Landgate have now clarified and updated information that was previously communicated which also includes variation to the Approved form of the statutory warning that must be used.  This e-Bulletin replaces issue 66 Changes to the Sale of Land Act – what...