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Expected to start from 1 July 2021, a homeowner will no longer have to pay capital gains tax “CGT” for the creation, variation or termination of a formal written granny flat arrangement that accommodates the elderly, typically family members or people with disabilities. A principal place of residence is exempt from CGT, whereas investment properties are subject to tax on any capital gains on sale [...]
Introduction The NSW Government has recently passed 2 pieces of legislation with the objective to increase confidence of the community in the construction industry. DBP Act The Design and Building Practitioners Act 2020 (NSW) (“DBP Act”) was enacted on 10 June 2020 and it introduces a statutory duty of care to benefit owners of land and provides for methods to regulate design and building work, [...]
For quite a few months now we have been receiving enquiries in relation to neighbourhood disputes. Is it because we are all home a lot more or do you think people have lost the ability to talk to one another? Whilst it is easy to urge you to be friendly with your neighbours as it is much easier if everyone gets along and it also [...]
Recently, we have become aware that lenders are undertaking repeat employment checks on borrowers prior to advancing the funds for a property settlement. These status checks are now being carried out up to the date of settlement. There are significant changes being experienced by people all over the world due to the current pandemic, and one of the most significant of these can relate to [...]
What is a Granny Flat Arrangement? A granny flat arrangement or agreement is a legally binding document generally entered into by family members. The most common scenario is between the parents/family members and their children where the former is provided accommodation in the property of the latter in lieu of some monetary consideration or asset. Granny Flat Agreements are a life estate agreement and the [...]
Duty (previously known as stamp duty) must be paid when you buy any of the following: Property (your home or a holiday home); Investment Property; Vacant land or a farming property; Commercial or industrial property; and A business, which includes land. You are also liable to pay duty if you acquire land, or an interest in land where no consideration has been paid. Duty [...]
In 2015, the Home Building Act 1989 (the Act) was altered to amend the time to be able to take action in respect of residential building defects to 6 years. This period, however, only applies to defects which are considered "major defects" under the Act. The Act defines a "major defect" as follows: "a defect in a major element of a building that is attributable to defective design, [...]
Are you a first home buyer looking to get into the property market? Have you saved the 20% deposit required by most lenders? If not, there might be might be a way for you to still purchase a property. The government is proposing to introduce the First Home Loan Deposit Scheme (Scheme) whereby you will be given the chance to apply for a home [...]
Investing in real estate is one of the biggest and most important decisions you can make in your life. Before signing any contract it is important that you know what exactly you are buying and the terms under which you will buy. While you may think it sounds straightforward, it is surprisingly easy to become unstuck. Just like any other sale process, it is [...]
Binding Financial Agreements, or BFAs as they are known in Australia, are less common, less certain than the American 'pre-nups' you likely know from movies. Since the recent 2017 High Court decision in Thorne v Kennedy questions have arisen as to their certainty if challenged in Court. In that case the appellant wife travelled to Australia to marry the wealthy respondent in a marriage initiated [...]
