A1 Conveyancing based in Joondalup & Osborne Park Perth Western Australia
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Trade Secrets

Property withholding rules explained

17/7/2017
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Some quick facts you need to know: All contracts of sale signed on or after July 1st 2017 where the consideration value is greater than or equal to $750k require a Clearance Certificate issued by the ATO. Failure to obtain a Clearance Certificate will require the purchaser’s agent (Conveyancer) to retain 12.5% of the sale price at settlement and remit funds to the ATO on the day of or shortly after settlement. General interest charge may be imposed on amounts...

Smoke Alarms 2018 Important Update

14/7/2017
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Is a Hard Wired Smoke Alarm Enough?We have written on the important topic of smoke alarms on numerous times in the past and it has always generated considerable interest. Key issues have included: What are the rules? When do they apply? Does it matter when the property was built? Battery or Hardwired? Interconnected? Transition Rules and compliance with which Australian Standard? Our previous blog dealt with the above issues so we are not going to cover them again here. You...

Proceeds payment directions by executors.

6/7/2017
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ExecutorsBy Mr Matthew Ellis – Director MGB Legal“Recently, the question has been raised about payments made to executors of deceased estates. More specifically, the question was raised about whether it is acceptable to make a payment of the proceeds of settlement directly to the executor, as opposed to an account in the name of the deceased’s estate. Obviously, you have to take your client’s instructions as to how to make payment of cheques, but there is some danger in allowing...

Impact on property sales of $750,000 or more

23/6/2017
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On 1 July 2017, the proposed changes to the Foreign Resident Capital Gains Withholding (FRCGW) rate and threshold will take effect.These changes will apply to contracts entered into on, or after 1 July 2017 for real property disposals where the contract price is $750,000 and above.  The FRCGW tax rate will also change from the existing rate of 10% to 12.5%.  The existing $2 million threshold and 10% rate will still apply for any contracts entered into before 1 July 2017...

Author, Damien McDonnell

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Damien McDonnell betrothed to my first true love & father to 5 fantastic little persons and one food obsessed beagle.

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