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...
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...
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...
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...
