REIWA are updating their 2011 Standard General Conditions that accompany their Offer and Acceptance Contracts. As of 13/2/18 we are advised the New 2018 Joint Form of General Conditions will be made available from their REIWA office or by license from PrintForce. REIWA are offering courses for the Real Estate industry to update themselves on the changes; Understand how the changes to JFGC will impact the following: Final inspections, the rectification of defects before settlement and the ramifications of unrepaired...
Imagine you are in the biggest city you know, on the busiest street, outside the biggest bank which you notice is surrounded with cameras and not just armed, but heavily armed security guards and some restrained but excited & vicious looking dogs.The Bank doors open, a few moments later, from the secure confines of the building, out walks a petite and cheerful person pushing in front of them a wheelbarrow full of money, out on to the street. You immediately...
Just a reminder that GST is now a query of every Residential contract dated on & post 1/7/18. Not just the obvious ‘new land or new builds’, since ‘New Residential Premises’ under the Taxation administration act, may still be quite aged properties!“The term ‘new residential premises’ is defined in s 40-75 of the GST Act:Residential premises are new residential premises if they:a. have not previously been sold as residential premises and have not previously been the subject of a long-term lease; orb. have...
DON’T FALL FOR IT!Be suspicious of email instructions.Cyber fraudsters will get in any way they can. Make sure it’s not through you.Five steps to protect yourself.Identify – Don’t accept email requests on face value. The email asking you to re-direct money might look genuine, but it could have been sent by a hacker.Verify – Call the sender personally to check authenticity. Use a number you know, not one suggested in the email. Ask for the account number, write it down, then compare...
On or after 1 July 2018, certain purchasers of new residential premises or potential residential land will be required to withhold an amount from the price of the supply for payment to us. Note: When we refer to purchasers we are also referring to lessees under long-term leases. The withholding amount is due on or before the day that consideration for the supply (other than a deposit) is first provided. If the contract is an instalment contract that will be...
Information for settlement agentsSource: 10/5/2018 Department of Finance website HERE“The formal billing schedule for land tax assessments is generally between October and December each year. As such, a ‘Certificate of Land Tax Charges’ issued prior to an assessment will always be an estimate.Consider whether any exemptions may apply to the property being sold. Single ownership rate of land taxA ‘Certificate of Land Tax Charges’ will include both the proportionate land tax and the single ownership figure. If you are a managing...
