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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 [...]
If you are selling residential property and propose to enter into a Contract on or after 1 July 2018, there are two important questions which must be addressed: Are you registered or required to be registered for GST? Are you selling a new residential property or a substantially renovated property? If the answers to above questions are “yes”, then on settlement, the purchaser must deduct a GST [...]
From 1 July 2018, purchasers of new residential premises may need to remit part of the purchase price directly to the ATO. If there is more than one purchaser, and those purchasers are not joint tenants, then each purchaser is required to remit their respective proportion of the withholding amount. In an effort to ensure that all vendors pay GST when they sell new residential [...]
Last year, the NSW Government introduced land tax and duty surcharges which can significantly impact the tax benefits of many discretionary trusts which own or are in the process of purchasing land in NSW. The legislation increases the duty and land tax surcharge by 4% and 1.25%, respectively. What this could mean for you Your discretionary trust will be subject to the surcharges if the [...]
Overview A commercial property lease is a rental agreement between a landlord (“Lessor”) and tenant ("Lessee”) to use a warehouse, factory, office or a similar facility. Before entering into a commercial property lease (“the Lease”), proper due diligence should be conducted to analyse the terms and conditions of the Lease and to understand the rights and obligations assigned of the parties. Since a commercial property [...]
Self Managed Super Funds (SMSF) not only put you in control of one of your most important as-sets but also allow you to invest in property. It can be a tax effective, wealth creation opportunity. Click here for more information.
If you’re buying or selling property in 2014, don’t miss The Real Estate Secrets Workshop. It’s packed with insider tips that could save you thousands and help make your next property transac-tion profitable. Rebecca Flynn from WMD Law will be presenting at this information packed event
