A1 Conveyancing based in Joondalup & Osborne Park Perth Western Australia
Call Us At: 08 9300 9750

Trade Secrets

Tax Changes From 1 July 2017

15/6/2017
Written by

Budget 2017 Update GST On New Residential Purchases From 1 July 2018 the Federal Government will require all purchasers of new residential premises (new builds) to remit the GST component previously provided by developers/builders directly to the ATO as part of the property settlement process.Little is known of the changes other than what has been recently posted on the ATO website HERE AIC National along with various key industry stakeholders are conferring with the ATO tomorrow via a teleconference.The AICWA is deeply concerned...

Foreign Investment change

9/6/2017
Written by

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...

What do I do: Issues discovered at final inspection?

23/5/2017
Written by

Immanent Settlement; Have you discovered an issue, like damage or some defect that IS covered under your contract at the final inspection?After recommending Legal Advice (since we are not lawyers). Often the quickest & cleanest way forward with a pending settlement is to arrange a “Payment in lieu” variation. Something along the lines of; “Seller:Buyer:Property address:Contract dated:______________________________________________________ The Seller and Buyer AGREE to vary the Contract as follows:- The Buyer accepts the listed item(s) {list or see attached} as discovered...

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
Written by

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...

What does Finance Pre-approval mean?

26/3/2017
Written by

Confused about home loan pre-approvals? Here’s everything you need to know before you start house hunting. What information do you need? First, your broker will want to build a comprehensive picture of your finances. To do this, you’ll need to provide evidence of everything including: Pay slips and tax returns for your income. Title deeds for tangible assets (i.e. physical items such as buildings, machinery and inventory), and Portfolio statements for intangible assets (non-physical items such as copyrights and patents). Loan...

Author, Damien McDonnell

BLOGGER

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

Categories

Archives