For the most part there are very few changes in the 2018 Federal Budget targeting the property industry. Some interesting points of note include: Property owners who leave vacant land undeveloped, otherwise known as “land banking”, will no longer benefit from tax incentives Home buyers, particularly first home buyers looking to create a deposit for purchasing a home will be able to store their savings in their superfund tax free. Australians over the retirement age can now access the equity in...
The GST on property transactions measure has been introduced, as schedule 5 to the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018.To recap:The Government will strengthen compliance with the Goods & Service Tax (GST) law by requiring purchasers of newly constructed residential properties or new subdivisions to remit the GST directly to the Australian Taxation Office (ATO) as part of settlement. The measure will require the purchaser of newly constructed residential properties of new subdivisions to remit the GST...
Duties document lodgment and assessment form As part of the Office of State Revenue’s strategy to increase our digital services a new duties document lodgment and assessment form will be available on our website from Monday 20 August 2018.The new form will replace the carbon copy form previously used to lodge documents with the Commissioner for a duty assessment.The new form must be completed by all lodging parties who lodge transactions for immediate assessment at the public counter, and to lodge...
A1 Conveyancing is Settle-brating Top Community (Nationwide) Winner Award 2nd year in a row! Ranked Gold Sponsor Status!Who is better equipped to handle your e-settlement!?!?! Source:https://community.pexa.com.au/t5/PEXA-Community-Blog/Community-Turns-Two/bc-p/11125#M126
AICWA Member BenefitThe Moving Man and AICWA are teaming up to provide your clients with an outstanding offer.Moving Man are able to offer a 10% discount to your clients on a pre-pack and relocation service* of household goods. *Minimum conditions apply. Refer to the offer HERE. Moving Man is happy to attend to any of your members queries regarding their company and services. Alternatively, members can check our credibility by referring to their 5 star rating on ‘Product Review’ HERE. Source:13th July 2018 AICWA...
Milestone achieved!The most significant changes to strata in over 20 years have been confirmed following the passage of the Strata Titles Amendment Bill 2018 and the Community Titles Bill 2018 on 1 November 2018 and 6 November 2018 respectively.What happens now?Landgate’s focus will now be on completing the regulations to support the amended Strata Titles Act 1985 and the new Community Titles Act 2018. Landgate will continue consulting with public, government, industry and community stakeholders on those regulations.How to stay informedFor further information on the reforms, refer...
