It is normal practice that spouses or de facto partners hold ownership in their property jointly. However, there are times, when you may need to consider holding the property in only one name. When: if real property (house, land, unit, etc.) is owned in joint names and you want it exclusively owned in one person’s name Why: there a numerous reasons, but some of the more common uses are – asset protection – where one partner is in a high risk career...
From 1 December 2015 the Commonwealth government of Australia introduced sweeping reform of the laws regarding foreign investment into land in Australia. The penalties for failure to comply with foreign investment laws are strict and accordingly it is important to understand your obligations prior to purchasing residential land in Queensland. The Rules Generally foreign persons can only purchase land in Queensland if the purchase is for a new build or vacant land on which a new building will be constructed. However, it...
The Commonwealth government has introduced a new CGT (Capital Gains Tax) withholding regime targeted at ensuring foreign residents comply with their CGT obligations when they dispose of real property in Australia. However, in effect all vendors and purchasers of property in Australia (not just foreign residents) are affected by the new regime and must comply with the requirements of Australia Tax Office (ATO). The Regime The withholding regime applies to any contract for real property in Australia (worth at least $2million) and...
