Foreign Buyer DutyNavigating the expectations of buyers in understanding their requirement to remit foreign buyer duty is inevitable. The declaration must be made by the buyer and it is strongly advised that you do not assist buyers in making any determination on their behalf where there is any doubt. Foreign individuals are classified as an individual who is not an Australian citizen, or does not hold a permanent or special category visa. In other words, if you are either (i) Australian citizen;...
On 1 January 2019, foreign transfer duty and foreign landholder duty came into effect by amending the Duties Act 2008. The additional 7% duty applies to acquisitions of residential property where the buyer or transferee are foreign persons, including foreign companies and trusts.What does this mean to you? Every buyer or transferee that acquires or purchases land in Western Australia is now required to complete and lodge a Foreign Transfer Duty Declaration Form within two months of executing the dutiable transaction.If you represent a...
Regulated products and services From 1 July 2018, Landgate’s regulated fees are due to increase approximately 1.5 per cent,in line with the average forecast rate of the Consumer Price Index (CPI). The proposed fees are available on our website. Please be aware these are subject toapproval from the Governor in Executive Council and publishing in the Government Gazette. The final fee schedule will be on Landgate’s website as soon as this approval is received. Commercial (non-regulated) products and services From 1...
We usually send our clients ALL the required ‘wet-ink’ paperwork with our initial postal package. Sometimes we need to allow for the other party to complete certain forms first, so thanks for your patience and understanding if you receive more than one form requiring ‘wet-ink’ execution. Buyers;That Loan Amount on the Unconditional/Formal approval is usually NOT the exact amount your lender will make Available as Funds (aka funds your lender will bring) for Settlement.The Lender will usually take their fees...
Foreign Buyers DutyFor transactions executed on or after 1 January 2019, an additional 7% duty will be chargeable on the dutiable value of certain acquisitions of residential property by foreign buyers.Each person acquiring land in Western Australia must complete a foreign buyers declaration form HERE declaring whether they are a foreign person.The Online Duties system will be modified to allow self-assessment of most dutiable transactions that are chargeable with foreign buyers duty.Residential property For the purposes of the foreign buyers duty, residential property...
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...
